Details

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 protectioninsurance 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 Protectioninsurance 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 earnings

Travel Insurance

• Covers overseas medical and dental expenses incurred outside Australia, travel and accommodation expenses if your journey is cancelled for any unforeseen circumstances outside of your control, loss or damage to your personal baggage, clothing or personal effects and personal legal liability

Don't take unnecessary risks and make sure that you and your family are protected in the event of an accident or worse - death. Our Intellichoice financial planners will be able to recommend an appropriate insurance plan to suit your needs and circumstances. To find out more about our range of personal insurance policies available, speak to our financial planners on 1300 55 10 45.