Five must-have insurances

Give yourself - and your family - peace of mind with these essential forms of protection.

Home and Contents cover

This one's non-negotiable, especially if you have a home loan. Most home owners have home insurance in place but many people don't have sufficient cover. Your home is likely to be your most valuable asset – don't risk it with underinsurance.

Income Protection insurance

The income from your regular wage or salary income is likely to be a key factor in your ability to build wealth, grow financial security and enjoy a rewarding lifestyle. Income insurance offers vital protection by providing regular payments usually worth 75-80% of your normal wage or salary if you can't work because of illness or injury. The premiums can normally be claimed as a tax deduction, which helps to lower the cost.

Critical Illness (Trauma)

Trauma cover pays an agreed lump sum if you suffer one of the serious illnesses or injuries noted in your policy, like heart attack or cancer. It's money that lets you focus on recovery rather than your finances.

Total and Permanent Disability (TPD)

Let's face it: a disability pension is likely to be a lot less than your regular income. TPD cover can help you meet expenses like rehabilitation, home modifications and even carer fees to help you rebuild your life.

Life insurance

Here's the big litmus test for life cover. If you – or your other half – passed away unexpectedly, how would your family manage financially? Many Australians have some level of life cover through their superannuation fund but it's vital to check if that is enough. Having adequate life cover in place means you don't have to worry about the risk of your family experiencing financial distress.

You work hard for your current lifestyle. Don't leave your future to chance. Talk to us about a review of your insurance cover to make sure your wealth and family are protected.