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Types of insurance and how to protect your wealth

clock icon February 16, 2017
tag iconFinancial Planning Insurance & Income Protection Wealth Strategies

Protecting your wealth is just as important as building it. Most of us insure our car and home but not what’s most important – life and the ability to earn an income. Illness, injury and death can have a huge impact on your family and your finances.

Australian’s in general have a significant under insurance problem. The question we should all ask is: “what will happen in the event of death, disablement or loss of job?”

Wealth Protection involves four main types of insurances including:

Life Insurance

This insurance provides financial protection for your family in the event of your death. It provides a lump sum to help with costs such as loan repayments, education expenses and most importantly, everyday living costs. It allows your family to continue to meet their financial commitments if you are not around to financially support them.

Total and Permanent Disability Insurance (TPD)

If a person should become permanently disabled and cannot return to work, (TPD) insurance provides a lump sum payment to help with the cost of your medical treatment and allows you to continue to meet your ongoing expenses if you are unable to work and generate an income.

Income Protection Insurance

This cover is designed to provide you with regular monthly income whilst you cannot work due to sickness or accident. You can protect up to 75% of your gross income, inclusive of any packaged benefits such as a car and superannuation.

Trauma Insurance

Trauma cover protects you financially if you suffer a specified medical condition (e.g. serious heart attack, stroke, cancer, kidney failure, etc.). It provides a lump sum payment to help with the cost of medical treatment, and your ongoing expenses. Trauma cover allows you to meet your financial commitments while you take time off work to return to good health.


If you need any help deciding on an insurance type, contact a trusted Financial Planner who can recommend policies that best suit your needs.

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