Why is personal insurance so important?

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Personal insurance can help you protect your family should you pass away, become ill or injured. It ensures that everything you and your family have worked for is kept safe should anything happen to you.

We all insure our homes, our cars, even our mobile phones and laptops. But your greatest asset is you, and your ability to earn an income. Yet, a lot of people don’t think about insuring themselves. What would happen to your family if you were no longer there to provide for them, or if you no longer had the ability to provide for them?

There are four main types of insurance, and you can find a full explanation of these on our Personal Insurance page:
•    Life cover
•    Total and Permanent Disability
•    Trauma
•    Income Protection

Below, we’ll describe the importance of life insurance, and other types of insurance.


The benefits of life insurance are many, but the most important outcome is that your family is financially secure if you’re no longer around to provide for them. Life insurance can cover the cost of funerals, debts and provide an income stream for your family going forward. The right policy means your family may not have to worry about the mortgage, school fees, or the family income and can maintain their current standard of living.


The benefit of TPD insurance is that if you’re no longer able to work, you will receive a lump sum TPD payout, allowing you to maintain your lifestyle. This may also include covering medical costs and ongoing treatment as well as any modifications required to your home.


The benefit of Trauma insurance is similar to TPD however, as you will be able to return to work the payout is likely to be different. Having Trauma insurance means you can have money coming in so you can focus on your recovery without having to worry about money.


The benefit of Income Protection insurance is that, if you have an illness or injury that means you can’t work for a short time, you’ll receive 75% (generally) of your salary. This once again allows you to focus on your recovery and support your family while you’re unable to work.

Having financial security means that you and your family can focus on what’s important, without financial stress.


Having insurance is a great way to ensure your family are protected, having the RIGHT insurance in place is how you secure your family’s future. Talk to a Financial Adviser to ensure you have the right level of cover and the right policy for you. 

If you want to claim on any of your policies, we can help you with this too. Our dedicated Claims Manager can help with all your claims.

It is very important that you understand that the information above is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. It is also worth noting that the Australian financial and taxation system is ever changing, and the information above may no longer be relevant. Again, we suggest seeking professional advice from a financial adviser before proceeding.

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