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Written by Darin Hindmarsh

If you want to protect your family you’ll need to put the most appropriate arrangements in place to ensure their security.  One of the most important arrangements you can make is life insurance.  It will protect you and your family from the risk of injury, incapacity, illness and death. 

Most of us know the important of insuring our car but we often neglect to insure our most valuable asset – ourselves.

Are you prepared for an unfortunately event like becoming ill or injured?  What if your income stops?  Do you have the funds to meet your ongoing debts and expenses?

Do not take unnecessary risks. Make sure you speak with one of the qualified financial planners at Intellichoice now on 1300 55 10 45 so we can advise you on the best insurance plan that covers you and offers you peace of mind should the unexpected happen.

We have provided below a brief summary on the various types of personal insurance products available, of which any combination of these products can be used to suit your particular circumstances and needs.

Life Insurance

• Also referred to as Term Insurance

• Provides a lump sum payment on death or terminal illness of the life insured

• Payment is made to the legal owner of the policy, who need not have any relationship to the life insured. For example, the policyholder can be the spouse, a business partner, an employer or the life insured

• Upon death of the insured, the lump sum is paid to the policy-owner (or the insured's estate) and can be used in any way chosen

• It is advisable that you aim to have enough cover to repay all large bills and debts and provide for your family or other dependants

Trauma Insurance

• Trauma insurance provides financial protection to you and your dependents, should you experience a defined trauma event, by making a one-off payment to you. For example, an injury or a defined medical condition

• Trauma insurance can be an important supplement, or a stand-alone product to Life insurance

• The sum insured is usually lower than for Life insurance, since its usual purpose is to avoid financial stress during the recuperation period and possible life changes post this event, for example, the payment will help you with specialist medical attention, home modifications or general living expenses.

• Ensure that you are clear on the types of medical conditions covered by the policy and how each medical condition is defined

Total and Permanent Disability Insurance (TPD)

• TPD provides financial protection to you and your dependents, in the event that you become permanently disabled through injury or sickness and are unable to work in your own or any occupation for which you are suited by training, education or experience

• Total and Permanent Disability is an added protection benefit often provided in Trauma and Life insurance policies

• A lump sum benefit is paid if the insured is disabled as defined in the policy

• To apply for TPD insurance you also need to be working at the time.

Income Protection

• Income protection insurance can provide financial protection to you and your dependents by making an ongoing monthly payment to you should you, as a result of a medical condition or accident, be unable to work

• This option pays up to 75% of your annual average income, in monthly benefits, to cover your expenses if you are unable to work

• You will need to choose a waiting period (how long before your benefit starts to accrue) and a benefit period (how long your benefit will be paid). For example, you might like just to cover the period after your accumulated sick leave and long service leave would be depleted

• Unlike TPD, your disablement does not need to be total and permanent

• The annual premium for Income Protection insurance may be tax deductible

• To apply for this type of policy you need to be working at the time and you can only insure up to 75 per cent of your earningsIf you want your family to maintain your current lifestyle you need valuable advice and planning services to ensure it happens. 

At Intellichoice, we will help you address the needs of you and your family.  Get the peace of mind from knowing your financial planning needs are sorted.  With our expertise, we will make recommendations based on your overall needs and what the best life insurance options are, for you.

We will determine your finances and circumstances based on the right information you give us, and provide planning and services around your Financial Planning care package.

We will give you the RIGHT advice, the FIRST TIME!

From our wealth of experience and knowledge, we will provide you with insight into the products available to you.  Take advantage of our long-standing history in financial planning.  Save time and avoid potentially costly mistakes.  Speak to one of our specialists.

Instead of sifting through the many options and clauses of a life insurance; ask Intellichoice to take the stress and worry out of choosing the appropriate coverage for your family. 

  Call us on 1300 55 10 45 or check out our Care Package, today.