Life Insurance & TPD
Life insurance is the payment of a specific lump-sum amount in the event that you die. Total and Permanent Disability (TPD) insurance will provide a lump sum payment should you suffer an illness or injury which totally and permanently prevents you from working again. The purpose of these types of cover is to ensure that your family and/or dependants are able to lead a similar lifestyle to now.
Cover is usually implemeted to meet such expenses as:
- Mortgage and debt elimination
- Childrens education future costs
- Income replacement
- Final costs (Funerals etc)
Income Protection
Income Protection (aka Salary Continuance) can replace up to 84% (75% of salary plus 9% superannuation) of your income in the event that you were unable to work as a result of sickness, illness and/or injury.
This cover may be held either inside your superannuation or personally. If held personally, you will receive a 100% tax deduction on premium payments.
You can nominate the Waiting Period (14 days, 30 days, 90 days or 2 years) and the benefit Period (2 years, to age 60, to age 65) depending on your needs.
Trauma Cover
Trauma cover is the payment of a specific lump sum as a result of diagnosis of pre-agreed conditions.
The main conditions are cancer, stroke, heart disease and heart attack.
This cover is designed to meet the following costs/needs:
- Diagnosis of the trauma
- Treatment
- Recovery
- Any changes to lifestyle (e.g. installation of ramps)
- Eliminate debt
- Maintaining current living standards (eg housekeeping)
How much Life Insurance do I need?