Personal Insurance | Chatswood, Northbridge & Crows Nest
What are the different kinds of personal insurance?
With so many types of personal insurance available; it often becomes hard to work out what you actually need, so to help, we have outlined the options below!
What are the different types of insurances?
- Life Insurance
Life insurance can't prevent the unexpected, but it can make life a lot easier for those you leave behind. Life insurance lets the people who matter to you continue to lead a decent lifestyle if you were to pass away unexpectedly.
None of us likes to think about our own mortality. But ignoring the possibility that you could pass away prematurely could see your family facing a financial struggle if tragedy occurred.
- Total and permanant disability
Suffering permanent disablement would be devastating for you and your family. With the disability pension only around 20% of the average Australian wage, there could be a significant impact on the lifestyle you are accustomed to.
Total and Permanent Disability (TPD) or ‘Adapt your life’ insurance pays a lump sum if you are unable to work again due to an accident or illness that leaves you permanently disabled. It can help cover expenses such as rehabilitation, home modifications and carer fees or allow a family member to reduce their work hours to look after you.
- Income protection
Most of us don’t think twice about insuring our home and car but hesitate when it comes to taking out income protection insurance.
But protecting your income is important!
Income protection insurance protects your most valuable asset – your ability to earn a regular income. Without income protection insurance all the things we take for granted like managing a home loan or growing savings could quickly become impossible if we couldn’t work – even for a short time.
Yet 3 in 4 Australians will be diagnosed with a serious illness in their working life. Without income protection insurance how would you sustain your lifestyle and pay your bills if you were injured or too sick to work?
- Critical illness insurance
Critical Illness or ‘Get Better’ Insurance pays an agreed lump sum if you suffer a listed serious illness or injury, for example a heart attack or cancer, where treatment can be lengthy and expensive. It helps cover the costs of getting well, such as medical treatments, surgery and rehabilitation therapies.
Having protection can keep your life on track while you deal with the process of recovery and can help you afford access to the specialists and specialised treatments you may need.
To discuss the right insurance cover for you and your family, get in contact with Edwin Bae, Financial Planner by calling 0490 173 073.