It’s important to grow your wealth and asset-base but it’s crucial to protect it, yourself and your family from the things we can’t control. Personal insurance forms a critical part of the financial planning process, providing financial security for you and your family. Insurance is designed to provide you with protection against the financial implications of an event such as death, disablement, serious illness or injury.
There are a range of insurance options available that can be tailored to suit your needs and personal situation. The most common types of risk insurance include:
Life Insurance
Term Life Insurance provides a lump sum payment if you pass away or are diagnosed with a terminal illness. This benefit is designed to help provide your family with financial security and ideally will be sufficient to pay off any existing debts as well as providing funds to cover ongoing living expenses and other expenditure that will be incurred by your family and loved ones into the future.
In some cases, the premiums for this type of policy may be funded from your superannuation account which can free up your personal cash flow.
Total and permanent disability (TPD)
Total and Permanent Disablement Insurance (TPD) provides you with a lump sum payment in the event that you suffer an injury or illness that is seriously enough to result in you being unable to return to work. The benefit is often used to repay existing debts, provide funds to help replace your loss of income and cover any potential medical or rehabilitation expenses.
In some cases, the premiums for this type of policy may be funded from your superannuation account which can free up your personal cash flow.
Trauma
We all know of someone who has suffered the effects of cancer, heart disease or stroke. The chances of major illness striking you down are very real no matter how young or healthy you are.
Trauma Insurance provides a lump sum payment should you suffer any one of a number of specified serious injuries or illnesses, such as heart attack, cancer or stroke. The benefit is typically used to cover medical and rehabilitation expenses and to provide a financial buffer, but can also be used to reduce debt, cover lost income or allow you to concentrate on your recovery.
Income protection
Income Protection provides you with a regular monthly benefit designed to help cover your loss of income in the event you become sick or injured, and are unable to work for an extended period.
Workers compensation only covers you for accidents of injuries that occur during working hours or illness that’s a direct result of your employment,
This cover helps with meeting those mortgage repayments or just living costs. In some cases, the premiums for this type of policy may be funded from your superannuation account which can free up your personal cash flow. In addition, if funded personally your premiums may be tax deductible, depending on your personal circumstance.
We will explain and simplify the different types of insurances and help determine your insurance needs and cover amounts and advise on suitable ownership and premium structures. We will also review life changes and make adjustments where and when needed, and we will be there at claim time, at no cost.
Through our partnership with MoneySherpa Pty Ltd, True Diamonds Financial has access to a large network of major insurance and wealth management companies, giving us the ability to provide complete risk insurance and superannuation solutions to fulfill our client’s needs.