We know that personal and life insurance can be confusing and daunting to think about. People always ask if they need life insurance or if there are other options available to suit their needs. Find out more about if you need life insurance or if there are other personal insurance options that are suitable.
When looking to purchase life or personal insurance, you need to consider how your family would cope if you had a tragic accident or illness. Depending on your life stage, you might not actually need life insurance. If you are mortgage-free, have enough assets/income for a comfortable lifestyle, and have self-sufficient adult children, it may no longer be necessary.
However, whether you have a young family or are single with no mortgage or dependents, there might be other personal insurance options to consider that would help you cope if something happened:
- Income Protection – provides you with income to help with your living expenses if you are unable to work for a period of time.
- Trauma Cover – cover if you suffer a major illness or injury that will have a significant impact on your life (such as cancer or a stroke).
- Total and Permanent Disability (TPB) Insurance – covers the cost of rehabilitation, debt repayments and the future cost of living if you are totally and permanently disabled and unable to work again.
- Life Insurance – pays nominated beneficiaries a fixed amount of money if you pass away.
When purchasing any personal insurance, you need to understand the events/illnesses covered by your insurance, the level of cover, ongoing costs, and any exclusions from the policy. Our team of certified financial planners can walk you through the process and discuss the best options for your life stage and future plans.