What are the different types of personal insurance?

Here are a few terms that you might come across, as well as a quick look at what they offer. 

Life insurance – this provides a lump sum payout to your family or nominated beneficiary in the event of premature death.

Total and Permanent Disablement (TPD) insurance – this pays a lump sum if you become permanently disabled and are unable to work again.

Trauma insurance - also known as critical illness insurance - this cover pays a benefit if you are diagnosed with a specific illness noted in your policy like heart attack, stroke or cancer.

Income protection insurance – this provides a regular series of payments usually equal to about 75% of your normal wage or salary if you can’t work due to illness or injury.

Often, these are available as a combined package of cover, which makes it easier for you to get the cover that’s right for you.

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