Personal Insurance

There is a growing trend of underinsurance within Australia and recent statistics reveal the financial hardship families experience when a tragedy occurs.

  • 63% of respondents had less than a week warning prior to the event*

  • 43% only knew of the death after it happened*

  • Almost 1 in 4 children had to move schools within 2 years of a death in the family due to financial pressure*

Personal insurance is important for many reasons and becomes even more paramount for those married and or with children. Protecting your loved ones from financial hardship should be an integral part of your financial plan. Your Agbis Financial Planner can assist you to accurately assess your circumstances, calculate the appropriate level of insurance cover for you and your family and help you decide on the best protection.

There are four main types of cover:

  • Life Cover - provides an agreed amount upon your death to support dependants.  Life insurance can be used to help pay one-off and ongoing expenses such as loans, personal debts, funeral expenses, childrens education and ongoing income.

  • Income Protection - provides an income stream to support you and your family if you can't work due to illness or injury.  This can usually provide up to 75% of the pre-tax income that you earned prior to injury or illness.  This insurance can help you make ongoing loan repayments, as well as servicing other debt and providing an income.

  • Trauma Cover - provides a lump sum payment to you if you suffer a specific major medical condition.  Trauma insurance can be used to relieve the stress associated with the medical condition by providing for medical expenses, loan repayments, extended holiday or subsidising your income if a change of employment is required.

  • Total and Permanent Disablement Cover - provides a cash lump sum to support you and your dependants if you are totally and permanently disabled as a result of an injury or illness.  This can help pay off loans or other personal debts, provide an income or help with expenses associated with a change in lifestyle.

Whilst the prospect of illness, disability or death is unthinkable, being unprepared for the unexpected is even worse. Ensure your strategy reflects your circumstances and will provide for those closest to you.

*ING July 2010 “Picking up the pieces”

To start your path to achieving your financial goals, Contact Agbis Financial Planning today.