Personal Insurances
Do you have personal insurance? Do you need it? Are you getting the best deal on your policy? If you have questions like this about your personal insurance our team can give you expert, personalised advice to ensure you’re covered for what you need (and aren’t paying for what you don’t).
Having adequate and appropriate personal insurance policies allows you to be confident that you and your family are protected in the unfortunate case that you should pass away or be diagnosed with a major illness or injury. Unfortunately, these events are not only emotionally difficult but can also place a lot of financial stress on you or your loved ones. Personal insurance provides relief from financial stress during those difficult times.
You should consider personal insurance options if you:
- are employed and rely on regular income
- have debts including a mortgage, personal loans or credit cards, or
- have dependents, including children and parents.
There are a range of personal insurance options:
- Life insurance cover: often a lump sum payment provided to your beneficiaries if you were to pass away.
- Total and permanent disablement cover: often a lump sum payment provided to you should you become totally and permanently disabled through illness or injury.
- Trauma/crisis insurance cover: also known as ‘critical illness’ or ‘recovery insurance’ is often a lump sum payment provided to you should you experience a critical or serious illness, such as a heart attack or cancer.
- Income protection: also known as ‘salary continuance’ is often a regular payment provided should you be unable to work due to temporary disablement from illness or an accident.
There are several factors to be considered in deciding which insurance you need, including how much you would need the payout to be, when the beneficiary receives the payment, conditions and definitions for each policy and who should be nominated as the beneficiary.
It’s important that you, your partner and family are protected by appropriate personal insurance. Our expert team can help you decide which policies you may (or may not) need and ensure that you understand the policies and processes for each.
Reach out for a chat to let us help ensure your financial security and protect your current lifestyle, business and retirement plans.
Ipsum Wealth is a Bendigo–based financial planning firm with over 30 years of experience in helping clients achieve their goals. We provide advice on financing, personal insurances, self–managed super funds and investing, all on a fixed–fee pricing structure, so you’ll always know what you’re paying for, with no unexpected costs or nasty surprises.
