If you are looking for personal insurance then our financial advice team can help you make the right choice. We look after clients all over the Barossa Valley region.
People readily insure assets such as their house and car in case of a loss, but they often overlook the need to insure their most valuable asset themselves.
It’s something that many of us don’t wish to think about but what would happen if your income stopped suddenly because you were no longer able to work?
Could you, or your partner, continue to meet your mortgage repayments? How would you cover ongoing bills or your children’s school fees?
If you don’t have a plan that can cover your costs if your health fails, it’s worth preparing one.
What is personal insurance?
There are four types of personal insurance cover to consider:
- Life insurance (or death cover) – Pays a lump sum to your beneficiaries in the event of your death – important to consider if you have dependants
- Total and permanent disablement (TPD) cover – Pays a lump sum if you’re no longer able to work due to total and permanent disablement – important to consider if you have any large ongoing debts, such as a mortgage, and family to support
- Trauma insurance – Pays a lump sum if you’re afflicted with a specific illness such as heart attack, stroke or cancer – provides peace of mind for you and your dependants
- Income protection insurance – Provides a monthly income when you¹re unable to work because of injury or illness – important to consider if you’re the main financial provider in your household.
How much cover is enough?
The amount of cover you need really depends on your circumstances and how much risk you’re prepared to live with.
Typically, the average level of life insurance cover recommended is at least 15x times an individual’s salary. For someone with an average salary of $60,000, the recommended level of life cover would be at least $900,000.
Worried about whether you have enough cover?
We can help with an assessment of your personal needs that’s free of charge and obligation.
