Financial PlannersInsurance ProtectionNewsBasics Of Life Insurance

One of the crucial aspects of financial planning is ensuring that clients have the proper wealth protection or life insurance products. We have helped numerous clients in the Perth area become secure in the knowledge that if the unthinkable happens, they and their families are protected.

We wanted to provide a short overview of life insurance products. This one comes from a Government source. We hope it is helpful.

Why Life Insurance?

Life insurance is designed to help protect you and your family in case of death, dismemberment, disability or even loss of employment. When a breadwinner becomes unable to work, life insurance can step in and replace their income. There are different types of life insurance to provide coverage for different situations*

Life Cover

Life cover is also known as death cover or long term life insurance. This pays a set amount in the event of your death. The payment goes to whoever you name as your beneficiary. This may be more than one person.*

Total and Permanent Disability Cover (TPD)

TPD cover takes care of the future cost of living, rehabilitation costs and debt repayments if you are permanently disabled. TPD and life cover are often bundled together.*

Trauma Cover

Trauma cover is offered for one or more specific injuries or illnesses. Most policies include the more common major conditions that can severely impact your life, such as a stroke or cancer. Some providers refer to trauma cover as critical illness insurance.*

Income Protection

Income protection cover replaces your income if you become unable to work due to injury or illness.*


When applying for any form of insurance, you must fully disclose any illnesses or conditions. Failure to do so may result in your claim being denied.*

Call Approved Financial Planners in Perth

Remember that all information here is general in nature and does not constitute individual advice. For a “financial checkup” or for individual advice, call Approved Financial Planners today: 08 6462 0888.

*ASIC, MoneySmart. “Life Insurance.”