Life insurance, also known as term life insurance or death cover, pays a set amount of money when the insured person dies. The money will go to the people you nominate as beneficiaries on your policy.
Talking about dying isn’t easy. But it’s worth some thought. By setting up a way to support your loved ones after you die, you can ensure they can continue to pay the mortgage and school expenses, go on holiday and buy essentials.
Total and Permanent Disability
A serious injury or illness can make it difficult or impossible for you to continue to work. If this happens, you will need to find a way to support yourself and your family.
Total and permanent disability cover is almost always purchased together with life cover and can provide a financial safety net if you get a serious injury or illness that stops you from working.
Income protection insurance, also known as salary continuance, can help you manage your expenses if you are unable to work for a certain amount of time.
Income protection insurance replaces the income lost through your inability to work due to injury or sickness. It is an important consideration for anyone who relies on an income. It is especially suitable for self-employed people, small business owners or professionals whose business relies heavily on their ability to work.
When on claim the policies pay a monthly benefit before tax equivalent to 75% of your salary.
Trauma cover is also referred to as ‘critical illness’ cover or ‘recovery’ insurance.
A serious illness can make it difficult or impossible for you to continue to work. If this happens, you will need to find a way to support yourself and your family. Some common medical conditions to receive cover for include heart attack, stroke, cancer and open heart surgery. Trauma cover can provide a financial safety net for such events.