Life & Business Life Insurance
A sudden death can place financial stress on those who depend on you. If this happens, life cover can help them pay the bills and other living expenses. Life cover is also called 'term life insurance' or 'death cover'. It pays a lump sum amount of money when you die. The money goes to the people you nominate as beneficiaries on the policy. If you have not named a beneficiary, the super trustee or your estate decides where the money goes.
Income Protection Insurance
Income protection insurance pays part of your income if you are unable to work. It can help pay the bills so you can focus on getting better. Income protection insurance pays up to 85% of your pre-tax income for a specified time if you are unable to work due to partial or total disability. Each income protection policy has its own definition of partial or total disability that must be met before a claim is made.
Total and Permanent Disability (TPD) Insurance
A permanent injury or illness can make it difficult or impossible to return work. TPD insurance can provide a financial safety net to help support you and your family and pay for medical and rehabilitation costs. TPD insurance pays a lump sum if you become totally and permanently disabled because of illness or injury. Each insurer has a different definition of what it means to be totally and permanently disabled. It can cover you for either:
- Your own occupation — you are unable to work again in the job you were working in before your disability. This cover is more expensive and is usually only available outside super.
- Any occupation — you are unable to ever work again in any job suited to your education, training, or experience. This cover is cheaper but has a higher threshold to claim, so it is less likely to pay out.
These commercial loans might be useful for commercial property, business assets and business equipment.
A critical illness or serious injury can make it difficult to continue to work. Trauma insurance can help support you and your family at this time and pay for medical and rehabilitation costs. Trauma insurance, also called 'critical illness' or 'recovery insurance' pays a lump sum amount if you suffer a critical illness or serious injury. This includes cancer, a heart condition, major head injury or stroke. Trauma insurance does not cover mental health conditions. What is covered under a trauma insurance policy and medical definitions can be different between insurers. To understand what is covered under a trauma insurance policy, read your product disclosure statement (PDS). Trauma insurance can be used to help pay for:
- out-of-pocket medical costs
- living expenses for you and your family while you are unable to work
- the cost of therapy, nursing care and special transport
- changes to housing if needed
- paying back your debt, for example, a mortgage
Key Person Insurance
Key person insurance (also known as 'key man insurance') is designed to protect businesses in the event that a key person, such as a partner or director, dies or becomes unable to work. This is usually paid out as a lump sum, but some insurers offer monthly benefits to cover lost revenue.
Home & Investment Finance
These products are useful for financing new and old homes, investing in new properties, refinancing after difficult scenarios, and some other situations.
If you want to buy a new family car or the one your business will need, you want to consolidate your debts in a person loan or any other situation in which economic solvency might be useful, there are products that could get the job done.
Buy/Sell Insurance, also known as Partnership Buyout Insurance, provides the necessary economic resources that the partners of a company or business might need to buy a partner’s share in cases of death and disability. This protection helps the remaining partners to keep the business running on its normal pace and also aids the leaving partner to get the agreed value of their shareholding.
Guarantor Protection Insurance
Also known as Business Loan Protection Insurance, these policies help to make sure that the business debt a director or guarantor creates in an event of death or disability is fully repaid.
Business Expenses Insurance
This category is quite alike to Income Protection Insurance. The main difference is that these policies are specifically created for business owners. These products pay a monthly amount of money to pay for bills and costs in case the business owner becomes unable to work due to an illness or incapacitating injury.