Insuring your car, home or other possessions makes sense. So why do so few of us insure ourselves? If illness or injury stopped you from working for an extended period, could you keep paying your bills? Personal risk insurance gives you peace of mind that if the unexpected occurs, you and your family will be provided for.
Choosing the right type and the right amount of insurance is a good way to make sure that if anything were to happen, you and your loved ones would be looked after financially. There are four types of personal insurance. These include:
A lump sum payable on death or terminal illness. This can help support your dependants to maintain living standards or pay off debts.
Total and Permanent Disablement (TPD)
A lump sum to help support you if you are totally and permanently disabled due to illness or injury.
A lump sum to help support you if you are diagnosed with a specified major medical condition (eg. heart attack, stroke or cancer).
A monthly income stream to help support you if you are temporarily unable to work because of illness or injury.
What's your most important asset?
Most people have insurance for their home and motor vehicle, but fail to cover their most valuable assets - their life and their ability to earn income over the long term.