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.
Get the right home loan advice at no cost to you. Talk to your local Mortgage Choice broker today.