INSURANCE FOR INDIVIDUALS

The Importance of Insurance

Working within the Allied Health Services Industry, you are more aware than most, how illness, injury or even death can effect the lives of your patients and the financial stress that goes along with this.

The question you need to ask yourself is “Are my personal insurances in order?” and “What types of cover are available and how much do I need?”

Many people thank that Life Insurance is simply that – cover that pays out in the event of your death and that this is automatically taken care of within their super fund. However this is not always the case and you need to be aware of what you are and aren’t covered for. In addition there are many other types of insurances and it is imperative that you have sufficient insurance, some of which may involve a combination of the following:

1.  Life Insurance

Life Insurance pays a lump sum on your death or the diagnosis of a terminal illness. So when the worst happens, your foresight will pay off the mortgage and other debts, provide for your children’s education, obtain child care and secure your family’s lifestyle. This will allow your family to focus on supporting each other, not worrying about paying the bills. As the years pass they will continue to be thankful you thought ahead.

2.  Trauma Insurance (Critical Illness Insurance)

Trauma Insurance (Critical Illness Insurance) pays a lump sum on the diagnosis or occurrence of one of a list of specific illnesses such as heart attack, cancer or stroke. That payment gives you choice and flexibility at a time when you need it most. You will be able to reduce your working hours, spend time with your family, get treatment or rehabilitation and pay for a carer and any number of unexpected things.

3.  Total and Permanent Disability Cover - Total and permanent disablement (TPD)

Total and Permanent Disability Cover - Total and permanent disablement (TPD) is your financial back-up plan. It gives you the confidence to seize life’s possibilities knowing you’ve made plans to secure your family’s financial future...just in case!

TPD insurance helps you modify your lifestyle and gives you choice and options if you're left without the ability to work. TPD provides a one-off payment that can help you:

  • fund lifestyle changes and home modifications
  • cover the cost of long-term care or medical expenses
  • pay off any debts including your mortgage
  • fund an ongoing income for your family

4.  Income Protection

Most people insure their homes, cars and even their pets against unforseen events in the future. However they don’t insure their biggest asset – their ability to earn an income! Did you know the lifetime income potential for a 35 year old male on a base salary of $52,800 p.a. is around $2.5 million?

Income protection pays you a monthly benefit – just like your salary – and generally covers up to 80% of your pre-tax salary. The money can help you:

  • cover your mortgage or rent payments
  • continue to make your repayments on your car
  • take care of all your normal bills while you focus on getting better.

No one wants to rely on the Government or family should they be unable to work and income protection gives policy holders the financial safety net to preserve their lifestyle while they concentrate on recuperating. An income protection policy in your personal name is also tax deductible.