Why is Personal Insurance important?
There are four key types of personal insurance that create a ‘safety net’ for you, your partner or dependants should your life circumstances change unexpectedly:
Income Protection Insurance — pays some of your income if you can’t work due to illness or injury
Trauma Insurance — covers you if you’re diagnosed with a major illness
Total and Permanent Disability (TPD) Insurance — pays a lump sum to help with rehabilitation and living costs
Life Cover — pays a lump sum when you die
If you have a partner or dependents, life insurance can help repay debt and cover living costs for family if you pass away. If you don’t have a partner or people that depend on you financially, you may not need life cover. You should still consider Trauma insurance, Income Protection and Total and Permanent Disablement (TPD) insurance in case you get sick or are injured.
We don’t hesitate to insure what we view as our most valuable assets, like our cars, homes and recreational vehicles. Personal insurances protect what is most valuable - you capacity to care for yourself or your loved ones if the worst should happen.
How do I determine the level of Personal Insurance I need? What kind of Personal Insurance is best for me?
To decide how much life cover you need, consider how much money you or your family would:
Need – to pay the mortgage, credit cards and any other debts, child care fees, school fees and ongoing living expenses
Receive – from super, savings, the sale of any investments, your paid leave balance and any other financial support you have available
The difference between the two is the amount of cover you should consider getting. Our role at JKLM Wealth Group is to work with you to determine how much cover you might need as well as what are the most suitable options available to you.