The facts: Heart disease kills one Australian every 10 minutes. 42,000 Australians are expected to die from cancer this year alone. 96% of Australian families lack enough life insurance to protect their families for >10 years or more, meaning only 4% of families are adequately covered. Someone in their mid-30s with two young children and earning around >$50,000 pa will need life insurance cover of between $500,000–$650,000,5 or 10–13 times their annual pre-tax income.
What are the main insurances that are available?
Life insurance — this pays your beneficiaries a lump sum when you die. For less than the cost of buying a coffee, many people can get life insurance cover of $750,000.
Total and Permanent Disability (TPD)— this pays you a lump sum if you are unlikely to work again due to a total and permanent disability. For less than the cost of a beer, many people can get TPD cover of $750,000.
Trauma cover— this pays you a lump sum if you suffer a specified and serious illness, such as a heart condition or cancer.
Income protection— this replaces around 75% of your income if you are sick or injured and can't work.
If you need to review your insurance cover please contact us.