Do you have disability insurance or life insurance? Many people in Perth neglect to protect their most important asset: themselves. That can be the biggest mistake a person makes in their entire life. Nobody wants to contemplate something bad happening to them in their future, but statistics don’t lie. The longer you live, the more likely you are to suffer disability, and death is something that happens to us all.
Life and disability insurance are lumped into a category called “life products.” Here are the basics of insurance products that are available to help you protect yourself from financial ruin in the event of death or disability.
Life insurance pays a lump sum to your estate if you die. If you are the main breadwinner in your family and you die, you could leave your family with no income. Life insurance guarantees that your family will have money to pay expenses in the event of your death.
Income Protection Insurance
This can cover as much as 75% of your income in case you won’t be able to work for an extended period of time due to injury or illness.
Total and Permanent Disability or TPD Insurance
If you become permanently disabled and can no longer work, TPD insurance pays you a lump sum.
Trauma Cover or Critical Illness Insurance
Trauma cover pays you a lump sum if you are diagnosed with a disease or condition that is specifically mentioned in the policy. The basic policy covers a range of diseases often referred to as the “seven core diseases:” heart attack, coronary artery bypass, stroke, cancer, organ transplant, kidney failure or multiple sclerosis.*
Call Us for an Insurance Checkup
Call us at Approved Financial Planners for an “Insurance Checkup.” We will go over your current policies and make sure that you have sufficient coverage to protect yourself and your family. We will also see if you are paying too much for your insurance.
Call us today for more information: 08 6462 0888.
*Sydney Morning Herald, 27 October, 2013, “Financially Protect Your Greatest Asset: You.”