Imagine what your family’s life would be like if you or your partner died or became seriously ill and couldn’t work. Would you be able to survive financially?
Not being able to work as a result of an accident or ill-health could expose you or your family to financial difficulty. Insurance can provide the money you or your family need in these critical times.
It is a good idea to review your cover regularly, especially if something has changed in your life, for example, if you have taken out a home loan, are having kids or starting a business.
There are different types of cover that fall under the broad heading of life insurance. Depending on your circumstances you may need one or more of the following:
Life cover – also known as ‘term life insurance’ or ‘death cover’, pays a set amount of money when you die. The money will go to the people you nominate as beneficiaries on your policy.
Total and permanent disability (TPD) cover – pays a lump sum to assist with rehabilitation and living costs if you are totally and permanently disabled. TPD is often bundled with life cover.
Trauma cover – provides cover if you are diagnosed with a specified illness or injury. These policies include the major illnesses or injuries that will make a significant impact on your life, such as cancer or a stroke. It is sometimes called ‘critical illness cover’ or ‘recovery insurance’.
Income protection – replaces the income lost through your inability to work due to injury or sickness.
Your APOS Financial Adviser can assist you with determining your required levels of insurance, arrange for an optimised policy and determine what strategy would best suit you and your family.