Personal insurance advice

There are several different types of personal insurance available in Australia.

Life insurance

There’s no way to sugar-coat it: life insurance is designed to provide for your family in the unfortunate circumstances that you pass away. It provides a lump sum to your beneficiaries and can help to pay for funeral costs, provide future income for your partner, and meet any existing financial obligations when you’re no longer around. Life insurance can also be invaluable in situations involving terminal illness, offering financial support during a challenging time and ensuring your family’s stability. Additionally, term life insurance can be a suitable option for those looking for coverage over a specific period, providing essential support for your loved ones during critical years.

Trauma insurance

Trauma insurance provides a one-off lump sum payment to cover any serious medical condition, such as heart attacks, stroke, or cancer. Trauma insurance is one of the more commonly claimed personal insurance types, and as such, it can be one of the more expensive personal insurance. However, it’s worth it to provide peace of mind that you’re covered in the event of any serious health conditions.

Income protection

Income protection is a type of personal insurance that covers you in the event that you can’t work due to illness or injury. It provides a steady income stream of up to 75% of your gross monthly income.

Permanent disability insurance

Permanent disability insurance refers to a type of personal insurance that provides financial support if you are permanently unable to work due to a severe illness or injury. It offers a lump sum payment or ongoing support, helping to cover expenses and maintain your quality of life when regular income is no longer possible. This coverage can be crucial for protecting your financial position and ensuring you have the resources you need during challenging times.

Personal insurance protects you and your family against unforeseen circumstances such as death, illness or accidents. It ensures that you have protection in place to help you achieve your personal wealth goals should anything go amiss. As such, personal insurance is a sensible idea for anyone looking to safeguard their financial plans.

However, when it comes to life insurance, you’ll typically only need this type of personal insurance if you have dependents who rely on your income to survive.

What is the cost of personal insurance to have good coverage?

When looking into personal insurance in Australia, the cost of your personal insurance type will depend on many factors. These can include:

• Gender
• Age
• Medical history
• Medical costs of ongoing or expected treatments
• Lifestyle factors, such as whether or not you smoke
• Your occupation and any associated risks
• Hobbies that may affect your cover
• How you purchase your cover
• The level of cover you take out.

While we can’t provide you with an exact dollar amount here, you’ll typically pay anywhere from $35.00 to $50.00 per month for a personal insurance policy that covers you for approximately $500,000. But this is just an approximate amount. Our life insurance advice will help you to determine the personal insurance plan that’s suitable for your situation.