Category: Business Insurance

In the unlikely event that you break a leg or, heaven forbid, die prematurely you and your family have got it covered, right? You’ve got life insurance care of your super fund, not to mention that pricey health insurance policy. And if worst comes to worst, there’s always a government pension to fall back on, isn’t there?

Actually, most Australians don’t have nearly enough insurance. The nation’s underinsurance gap has been estimated at a whopping 1.8 trillion dollars.i Part of the reason for that is the trio of misconceptions outlined above.

Let’s go through them one by one.

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Whoever said, ‘the more things change the more they stay the same’, was dead wrong when it comes to life insurance. While protection against adversity is always wise, your actual needs change as you move through different ages and stages of life.

From when you take your first job and go out into the world, life

• Income protection – Pays a monthly benefit if you are unable to work due to sickness or injury
• Trauma – Pays a lump sum for a specific injury or illness
• Total and permanent disability (TPD) – Pays a lump sum if you are permanently unable to work
• Death – Pays a lump sum if you die or become terminally ill.

Shifting needs

Life insurance is like a bell curve – you need a low level of cover when you are setting out life, growing to a high level in your middle years when your responsibilities and debts are at their peak and then possibly dropping back when you retire.

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