Insurances are a part of our daily lives and most people would have some exposure to a form of insurance. It could be home insurance, car insurance or private health insurance. However many people fail to insure the most important part of their live – themselves.
Whereas we are happy to insure our car in case we are involved in a crash or insure our home in case it is burgled or destroyed, people see personal insurances as an extravagance which can be considered at a later time. However these insurances are crucial to you and your family and their financial security.
What happens if you are injured and unable to work, suffer a significant injury or illness that involves significant medical costs or pass away leaving your family with a legacy of mortgages and debt to try and pay without you? This is where these personal insurances can provide peace of mind that you and your loved ones are protected.
There are three common forms of personal insurances and each provides different benefits. Income protection insurance covers you if you are unable to work and replaces your salary to help pay your day to day costs. Trauma and total and permanent disability insurances provides you with a lump sum that can be used to pay for medical expenses. Life insurances offers a lump sum to your loved ones to cover paying off debts if you were to pass away.
Just like any insurance, it is important to ensure you get the best policy for you and your circumstances and we recommend seeking out an independent insurance broker to provide you with the best product for you. Personal insurances are complex and often have hidden clauses and traps which need to be identified and resolved. If you would like to know more or would like a free review of your insurance situation, please contact us.