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There are a number of different insurances that can cover you for unexpected events. It’s important to be informed as to what type of insurance you require and how and when the benefit is paid.

Life insurance – Life insurance covers you in the event of death or terminal illness. Should this occur a lump sum payment will be made. You will need to consider the amount of cover required depending upon your situation.

TPD – Total and permanent disability cover; you will need to choose as to what type of cover meets your needs. You may require TPD cover for ‘own occupation’, ‘any occupation’, ‘home duties’ or ‘general cover’, each of these covers vary in definition so it’s important to understand which cover is right for you. In the event of a claim a lump sum is paid to the insured.

Income protection – If you are unable to work due to sickness or injury, income protection can cover you for up to 75% of your normal income until you are able to return to work or until the end of the nominated benefit period of your policy.

Trauma insurance – Trauma cover is designed to provide cover if you are diagnosed with a specified injury or illness such as cancer or stroke. The lump sum payout may be used to pay unexpected medical costs, lifestyle changes, home care requirements, or may even go towards relieving the pressure of a mortgage.

Stepped or levelled premiums – Stepped premiums are the most common way to pay for cover as they work on your age; that is, the older you get the more expensive your premium becomes each year as the risk increases. Levelled premiums on the other hand generally stay the same over time and although you may pay more at the beginning, the premium costs average out after time.

There are a number of factors to consider before selecting your insurance cover and the advice of a financial planner can make the world of difference in selecting cover that secures you and your family’s financial future.

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