Protecting your wealth & family's insurance
Types of Wealth Protection Strategies:
Income Protection Cover
This insurance protects one of your biggest assets – your income. If you’re unable to work due to illness or injury, you’ll still receive a regular income to meet your financial commitments and living expenses. Certainly a wealth protection strategy you need.
- Monthly payment (around 60-70% of your income)
- Waiting periods apply usually 30, 60 or 90 Days
- Paid until you return to work or for agreed timeframe (2 years, 5 years or to age 65)
Death Cover
Death cover provides financial support to your family or dependents in the event of death or diagnosis of a terminal illness. The payment helps your family repay debts, cover funeral expenses and replace lost income.
- Lump sum payment
- Paid out directly to the person/people you care most about
Total and Permanent Disability Cover
If you become totally and permanently disabled and can’t work, TPD cover helps you pay off debts and medical expenses, make modifications to your home, and replace lost income.
- Lump sum payment
- Definition of TPD varies between insurers
- Policy may stipulate own occupation or any occupation
Trauma Insurance
Trauma insurance is paid if you get a diagnosis of a serious illness such as cancer, heart attack or stroke. Put the focus on recovery and getting well – an immediate payment helps meet your financial commitments and medical costs. It may also be useful to provide your partner the freedom to take some time off to help with treatment or recovery.
- Type of illness or injury determined by insurer
- Mental health conditions aren’t covered
