Do you have the right cover?
Insurance for you and your family
Personal Insurance:
Insuring your car, home or other possessions makes sense. So why do so few of us insure ourselves?
If illness or injury stopped you from working for an extended period, could you keep paying your bills?
Personal risk insurance give you peace of mind that if the unexpected occurs, you and your family will be provided for Snapshot Did you know that 95% of Australian families do not have adequate insurance cover?Insuring yourself and your family can be the most important thing you do to protect your family.Talking to your financial adviser can help simplify the process so you are only covered for what you need.
What is personal risk insurance?
Personal risk insurance is an important way of ensuring you and your dependants will be financially supported in the event of serious illness, disability or death. If your ability to earn an income is affected, a personal risk insurance policy may enable you to maintain your current lifestyle and continue supporting those who depend on you.
Why do I need it?
While we recognise the emotional impact of events such as serious illness or death, the financial consequences can be equally devastating. If the unexpected did occur, having personal risk insurance can go a long way to helping you and your family meets your basic living expenses such as your mortgage, groceries, and petrol or school fees. Depending on the event, you may also need to cover significant medical expenses, rehabilitation, modifications to your home or services to help maintain your lifestyle.
Types of personal risk insurance there are four main types:
Life insurance
Life insurance can help provide financial assistance for a family if they lose the homemaker or breadwinner. In a business situation, life insurance can help protect against the loss of a key employee or business partner.
Total and permanent disability (TPD) insurance
TPD is designed to help meet one-off and ongoing living expenses, as well as cover special expenses such as medical and rehabilitation costs. To receive a TPD insurance benefit, you must satisfy specific criteria to establish the genuine nature and extent of the disability (this can vary between insurers). These criteria usually include a range of permanently disabling conditions specified in the policy, such as paraplegia, as well as more general criteria relating to your total and permanent inability to work.
Trauma insurance
Trauma insurance provides a lump sum payment if you suffer a serious, debilitating medical condition (as specified in the policy you choose) such as heart attack, cancer or stroke. Trauma insurance is designed to help people cope with the financial impact of a traumatic event as they recuperate. Generally, you will receive the trauma benefit provided you survive for a set period after incurring the condition.It is important to note that different policies may have different features and you can access certain types of insurance through your super. Talk to your Craig financial adviser for the most appropriate insurance to suit your individual and family needs.
Income Protection
This Cover provides a replacement income, paid monthly in arrears in the event that you are Totally Disabled orPartially Disabled. That means any payment will be made at the end of the month, or part month, to which our claim relates.
What kind of insurance do you need and when?
As your lifestyle and financial position change over time, so do your risk insurance needs. For example, during the years when you are supporting a young family or paying off a large mortgage, you will likely want more protection than later years when you may have downsized homes and your children are in the workforce.
Free Insurance advice.
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