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What Is Life Cover?

Life cover pays a lump sum upon the death or terminal diagnosis of the life insured, this provides protection to your loved ones. In the event of the persons death the lump sum will assist in paying off any outstanding debts such as a mortgage. There should usually be excess over debts to assist your family especially if you have children. Some policies provide additional benefits such as an Advanced Payment Benefit. As soon as a death certificate or medical certificate confirming death has been received an advanced payment of up to 10% of the policy will be paid out to help cover the cost of a funeral or repatriation. The cost of Life cover increases as you get older, the more established your financial position is - the less insurance you are likely to need. It is possible to reduce your insurance over time to minimise the cost and still maintain some protection for yourself and your loved ones.​


What Is Total and Permanent Disability?

Referred to as TPD. It provides a lump sum payment if you’re totally and permanently disabled. Depending on your policy, you are covered if you cannot work in your occupation again – See the PDS for definitions. TPD Insurance can be used to help cover rehabilitation costs, repayment of debts and the cost of living for you and your dependants. Payments are not usually made until the disability has been evident for six months, and the insurer deems that you are unlikely to work again based on the definition in your particular policy. It is designed to: Pay for lifestyle changes, and circumstances ie House modifications. Clear debts and future debts ie Kids education.


What Is Trauma Cover?

Trauma cover generally covers up to 40+ specific traumatic conditions the life insured could suffer (Each insurer has a different list of trauma conditions). In the event of a trauma, you and your family can use the lump sum to:

Pay for rehabilitation or life style changes. Some medical conditions may affect your mobility either as total or partial disablement and you may need to modify your home or have a nurse to help you cope with these changes. Trauma Insurance is not a replacement for Income Protection. It is designed to help pay off debts and the costs of rehabilitation/medical expenses.​


What Is Child Trauma Cover?

Child Trauma insurance may be added to your Trauma insurance policy to provide a lump-sum payment of up to $200,000 (in the event of your child suffering specific Trauma conditions- Each company has different Benefit amounts). We cannot prevent all childhood Illnesses or Injuries. However additional money may minimise the financial stress you and your family may suffer, especially if you have to cease work to be with your child. Child Trauma could be used to pay for: Child Medical expenses, loss of income due to time off work, child care for other dependants or possible ho usehold modifications are a few of the expenses that can soon add up.