Personal Insurance cover has come along way

So what are the options for you?

Income Protection (Accident & Sickness or Salary Continuance) cover

Should you be unable to work for an unspecified period of time due to sickness and/or an accident then this cover will provide you with a monthly benefit whilst you are off work. As none of us have the benefit of 20:20 vision, then this cover should be in place until age 65 (normal retirement age) in case you have a long term medical condition which prevents you from working for a lengthy period. Failing this who is going to pay the mortgage, or the school fees or food and clothing?

Assuming a 30 year old is likely to earn in excess of $3 million over their lifetime, then protecting this income by way of income protection cover is a must.

Life Insurance (Death or Term) cover

Upon your death, provides a lump sum benefit to your estate and/or nominated beneficiaries. Ideally, this lump sum should pay off all debt and provide an ongoing income stream to your family so as their lifestyle is maintained.

Trauma (Critical Illness or Crisis) cover

Upon medical diagnosis of a serious illness (cancer, heart attack, stroke etc), provides a lump sum benefit to you in order to obtain optimal medical treatment and/or provide options to you during recovery such as paying down debt or returning to work on a part time basis.

Total and Permanent Disablement cover

Should you be unable to return to work ever again due to an illness and/or accident, this provides a lump sum benefit to you, to retire debt, provide for medical treatment, modifications to your home and/or provide an additional income stream.

Business Expenses

For the self employed person, this compliments the Income Protection cover in that it will pay for fixed business overheads for twelve months.

Sounds like too much, or too litle, or just confused? We can help make sense of it all in relation to your specific needs and situation ยป

Richard Ayre Consultancy Pty Ltd trading as FutureSure Risk Management and Estate Planning is a Corporate Authorised Representative of Financial Services Partners PTY Ltd ABN 15 089 512 587 | Copyright (C) 2016 Australian Financial Services Licensee 237590