5 FAQ on Life Risk Insurance
Here a number of frequently asked questions we hear about life risk Insurance. You may identify with these and find an answer. If not, simply call 3217 9015 or contact us by clicking here
1. Why do I need Life Risk Insurance?
Insurance is the most cost-effective way to protect your family’s, way of life against the financial burden that can result from your death, serious illness or injury. Whilst most working Australians have some life insurance cover through their superannuation, many do not have nearly enough to offset the permanent loss of a breadwinner’s income
It is important to understand the financial risks you may face. The right sort of insurance protection needs to be in place to help you protect your lifestyle by ensuring that important expenses such as your mortgage, rent, utilities and other day to day living costs can continue to be paid should the worst occur. Knowing that you don’t need to worry about paying your bills and having the option to explore alternative medical treatments or make changes to your lifestyle, are all important benefits of insurance protection
2. What is Trauma Insurance?
Trauma insurance pays a lump sum benefit in the event that you suffer, or are diagnosed with, a covered major illness such as cancer, heart attack or stroke and a number of other conditions. This benefit can be used for any purpose, for example to cover medical costs, pay for nursing or household assistance, cover short-term living costs while you are recovering or to pay off your debts
3. Can you explain Total and Permanent Disability Insurance?
Total and Permanent Disability (TPD) Insurance is there to carry on financially in the face of a life-changing medical condition and is available as an optional benefit with Life Insurance cover
In the event that you are totally and permanently disabled and can never work again TPD Insurance pays a lump sum. This benefit can be used for a number of purposes, for example to cover medical costs, make changes to your home or lifestyle to accommodate your condition or to pay off debts as well as provide for ongoing living expenses for you and your family
4. hat exactly is Life Insurance?
Life insurance allows those left behind after someones death to move on financially and helps them to realise the future you had planned for them
Life Insurance pays a significant lump sum benefit in the event of your death or your diagnosis with a terminal illness. This benefit can be used for any purpose, for example to pay off a mortgage or other debts or provide for ongoing living costs such as rent, children’s educational expenses and other day to day living expenses
5. How do I know how much cover I need?
Your Adviser will provide recommendations to you as to how much cover you need. This will be impacted by issues such as your age and stage of life, the number of dependents you have, the age of those dependents, your debts (such as your mortgage and other personal or business loans), the cost of your lifestyle and your plans for the future