It can change in a blink of an eye...
It's easy to assume 'it'll never happen to me' but none of us are immune from illness or injury, and the lifestyle you've worked so hard to enjoy can quickly be replaced by financial struggle.
Income Protection Insurance
It's crazy to think that most of us don't think twice about insuring our car and home, but hestitate when it comes to protecting our income. Bills don't stop when you are unable to work, and the recovery cost can also add up.
Finding yourself in a situation like this is emotionally demanding and the last thing you would want to be thinking about is how to make your mortgage repayments and cope with your day-to-day expenses.
Income Protection Insurance pays up to 75% of your income if you are ill or injured and are unable to work. This payment helps you pay your mortgage repayments and cover your living costs such as, food, petrol, utitlity bills, school fees, clothing and any medical costs while you recover.
We all take our health for granted and rarely think that anything bad could happen to us. Yet it is important to consider how your dependants would get by financially without you.
Imagine your family trying to cope with both personal tragedy and a dramatic decrease in their living standards - like losing their home.
Life Insurance pays a lump sum amount in the event of your death - helping protect your loved ones' future. It helps you ensure your family could survive without your income and pay off debts.
Total and Permanent Disability Insurance (TPD)
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.
Without a safety net, the outlook for your family's wellbeing and your personal recovery could be challenging, especially if you needed permanent care.
Total and Permanent Disability 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.
Critical Illness Insurance
We all know someone who has been suddenly diagnosed with cancer or has had a stroke. It's estimated that almost one in two Australian adults aged 30 plus will experience a serious health condition like a stroke, heart attack or cancer*.
Private Health Insurance, may pay part of your medical bills, but it won't provide the funds needed to support your family, keep your home or provide a decent lifestyle for you and your loved ones.
Critical Illness 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.
*NATSEM, Health and Income in Australia, 2003