Personal insurance advice
Personal insurance advice covers all of the rainy day situations you or your loved ones might find themselves in. In the event of an accident or illness, many families find that unexpected health concerns place them in financial stress, which only adds to the problems they are experiencing.
Personal insurance advice is really about planning for financial peace of mind. While it can’t heal the trauma itself, it can ensure you’re financially protected when you’re feeling most vulnerable. Depending on your situation and goals, your adviser may consider:
Child trauma insurance
Child trauma insurance is personal insurance for children. It provides you with a lump sum payment in the event that your child suffers from a specified medical condition. Payment of the benefit occurs on diagnosis or occurrence of the illness or injury.
Income protection insurance
As the name suggests, Income Protection is the best way to protect your current income if you are unable to work due to illness or injury. Income Protection insurance pays up to 75% of your gross annual income, in monthly payments, to cover your living expenses. It has waiting and benefit periods that can be designed to suit your specific needs and the premiums are generally tax deductible.
Life insurance is also known as term life insurance or death cover. Life insurance (or Life cover) provides peace of mind by paying a specified amount to your beneficiaries, ensuring that they are looked after in the event of your death. A lump sum or equivalent instalments can be paid to the policy owner, nominated beneficiaries or to your estate.
Trauma insurance provides a lump sum benefit, or equivalent instalments, if you are diagnosed with a specific illness or injury covered by the policy. This includes cancer, stroke, heart disease, blindness, severe burns, loss of speech or deafness. The lump sum benefit amount chosen by you can be used to reduce debts, pay for medical expenses and maintain your lifestyle while you recover.
Total and Permanent Disability insurance (TPD)
TPD insurance provides a lump sum payment, or equivalent instalments, if you become permanently disabled (as defined in the policy). Generally, a permanent disability means you cannot work in your current occupation or a job you have trained or studied for, or previously worked in.
What kind of goals can personal insurance advice be used for?
A personal insurance strategy may be suitable if you:
- wish to provide a financial safety net for yourself
- wish to provide a financial safety net for your family
- pay for medical bills and other expenses
- want to continue to enjoy a certain financial life in the event of the unexpected
- want to provide for your family
Envision Financial Services provides Personal insurance advice
If you have a question about Personal insurance advice or would like to make an appointment please contact us.