It can get quite confusing in regards to the different types of life insurance products that are out there. The following lists the types of life insurance products that are available in the market.
Term life insurance otherwise known as life insurance provides a lump sum monetary payout made to the beneficiary or the estate of the insurance policy holder upon death and if the terminal illness option is included under the policy a payout can be made to the insured person if they have been diagnosed with a terminal illness that will result in death within 12 months.
The purpose of Life insurance is to eliminate the financial hardship that may occur after the death of a spouse, particularly the main income earner. It can provide a lump sum money payout to the nominated beneficiary that can assist in paying debts, such as the mortgage.
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Income Protection cover is a monthly benefit that is paid to the insured person which can be up to 75% of their income in when they are not able to work as the result of a trauma, accident or illness occurring. It pays you until you are able to return to work after you have served the nominated waiting period you have elected. It is also tax deductible.
Income protection provides you with an ongoing monthly income that helps to ensure that you are able to continue to meet your financial obligations such as paying the mortgage or rent, daily expenses, and in providing for your family.
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Total and Permanent Disablement insurance provides a payment if a serious accident or sickness was to occur leaving you unable to work again in your own or another occupation. While not working, TPD provides cover for when an accident or sickness may occur such as paraplegia for example.
TPD insurance helps eliminates financial hardship in the possibility of not being able to work again. The money can be used to assist in paying debts, medical expenses and provide a specific amount of money which can also be used to assist you and your family in continuing to meet ongoing expenses.
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Is also known as critical illness insurance pays the insured a lump sum amount should the insured suffer from a major condition or critical illness.
The purpose of Trauma insurance is to help eliminate financial hardship so you can concentrate fully on recovering and adjust to your life style requirements. The money can be used to pay debts, assist with medical treatment and provide you with a lump sum to cover lifestyle changes.
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We are always reviewing our product offering and may add additional products from time to time. If the type of insurance you are after has not been specified above please contact us as we may still be able to assist.