Are You Covered?

Are You Covered?

What are the different types of cover? Why would you need it? And who should consider it?
 
Income protection
 
It pays a monthly benefit (generally up to 75% of your regular income for an agreed period) while you are too sick or injured to go to work. For peace of mind that you will be able to help sustain your lifestyle and pay your bills if you’re unable to work. It could be as simple as breaking your arm and not being able to work for two months.
This policy is a must for anyone working full or part-time who has any sort of financial commitment or responsibility.
 
Trauma
 
Trauma protection pays an agreed lump sum if you suffer a serious illness or injury that is covered in your plan (e.g. a heart attack). Faced with such a condition or illness, your primary focus would be on your recovery. Having trauma protection can help relieve your financial worries to allow you to concentrate on getting well again. Whether you are working or not, you should consider trauma protection. The lump sum benefit paid can be used to meet unforeseen expenses allowing you to concentrate on getting well again.
 
Total and Permanent Disablement (TPD)
 
A lump sum is paid if you are unable to work again due to a total and permanent disability. A huge emotional strain is placed on a family to provide support to someone who may never be able to work again. TPD can help cover expenses such as recovery and rehabilitation, carers’ fees, or allowing a family member to reduce their work hours to care for you.
This policy is suitable for – anyone working full or part-time or otherwise engaged in home duties.
In 2009, one in five Australians had a reported disability and 87% of them had a specific limitation or restriction associated with the ability to earn an income. If you were to be left with a permanently disabling condition, how would you remain financially secure?
 
Death
 
A lump sum is paid if the insured person becomes terminally ill or dies. In the event of your death, who would provide for your family? You may need to consider an amount sufficient to pay off your debts and provide your family with an income to continue living.
This policy is generally for anyone with a mortgage or other debt, which would need to be met by your immediate or extended family. Death cover can help to protect your family against financial hardship.
 
Paul Douglas-Irving – 317164 
Authorised Representative of PGW Financial Services – AFSL 384713

 

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Advice Warning
Any advice provided in this publication should be considered General Advice as it does not take into account your personal needs and objectives or your financial circumstances. You should therefore consider these matters yourself before deciding whether the advice is appropriate for you and whether you should act upon it.