Life Insurance provides a lump sum should you pass away or become diagnosed with a terminal illness. This cover is designed to provide for your financial dependents, replacing the income you would have otherwise earned but ultimately funds can be used for any purpose. Policies can be held through trusts, a company, superannuation or personally. The importance of your structure and beneficiary nomination cannot be overstated as this ensures the right amount gets to the right people in the right way.

Total and Permanent Disablement (TPD) insurance pays a lump sum if you become permanently disabled due to illness or accident. This cover is designed to provide for, and replace the lost wages for someone unable to ever earn an income, often being adjusted for any income protection that is held simultaneously. TPD is often linked to life cover and similarly can be owned personally, through superannuation or via a company. If held personally; TPD is generally not deductible whilst benefits are not assessable.

Being sick is hard enough, without having to also worry about your finances. As your ability to earn an income is one of your greatest assets it makes sense to protect it. This is where income protection or salary continuance can help as it insures you against loss of earnings through injury or illness, providing a monthly benefit (generally) up to 75% of your pre-disability income.

Trauma (or critical illness) insurance provides a lump sum upon diagnosis of a specified illness such as heart attack, cancer or stroke. Although the funds from a claim can be used for any purpose, the cover is designed to meet the unforeseen costs resulting from a trauma event such as medical expenses and loss of income. This cover is typically held personally with premiums not deductible and benefits received tax-free.