Life insurance has a few purposes. The first purpose is to pay off any debt. The second purpose is to provide for surviving partner and children. The third purpose is to provide for your family so in the event of a premature death all of their financial needs will be taken care of in the future.
In todays society having health insurance for you and your family is getting close to being a necessity, having the ability to jump public waiting lists is true peace of mind.
Trauma insurance is designed to pay you a lump sum for you to use in the case of having a major sickness or injury. This amount can be used to reduce debt or fund the ongoing costs of sickness or injury. The money is yours to do with whatever you please.
Total & Permanent Disability
Total & Permanent Disability is the last line of defence if you can no longer work in your profession, this policy can pay you out large sums of money with a much smaller cost.
Income Protection is designed to pay you a percentage of your taxable profit for a set period of time. It is very unlikely your income would carry on at the same level in the years to come. If you are self employed and you rely on your business and its turnover for you income, you need Income Protection. It is designed to pay you a percentage of your wage or your Taxable profit up to the age of 70. If you are knocked out of your business because you get sick or injured it is very unlikely your income would carry on at the same level.
Mortgage Protection is a tax free benefit that is designed to protect your major asset which is your family home, without this protection your major asset would be lost.