What are the different types of personal insurance?

Q: What are the different types of personal insurance?

Life Insurance - This pays a lump sum benefit if you die, Total and permanent disability insurance (TPD) - This pays a lump sum benefit if you meet the definition of being totally and permanently disabled. It is often bundled with life insurance, Critical illness insurance (Trauma) - Also referred to as critical illness insurance, trauma insurance pays a lump sum benefit if are diagnosed with or suffer from one of the specified illnesses, such as cancer, heart attack or stroke, and Income protection insurance - If you are unable to work due to illness or injury, income protection insurance will pay you a regular income, usually capped at 75% of your pre-illness income. You can select the waiting period before benefits become payable, and the length of the benefit period.

Financial Planning

Life insurance
This pays a lump sum benefit if you die.

Total and permanent disability insurance (TPD)
This pays a lump sum benefit if you meet the definition of being totally and permanently disabled. It is often bundled with life insurance.

Critical illness insurance (Trauma)
Also referred to as critical illness insurance, trauma insurance pays a lump sum benefit if are diagnosed with or suffer from one of the specified illnesses, such as cancer, heart attack or stroke.

Income protection insurance
If you are unable to work due to illness or injury, income protection insurance will pay you a regular income, usually capped at 75% of your pre-illness income. You can select the waiting period before benefits become payable, and the length of the benefit period.

10 Important Questions for a Local Buyers Agent

Navigating the complexities of the real estate market can be a daunting task. This is where a local buyer's agent comes into play, offering invaluable expertise and guidance throughout the home buying process. This is where a local buyer's agent comes into play, offering invaluable expertise and guidance throughout the home buying process. By leveraging their in-depth knowledge of the local market, buyer’s agents can help clients make informed decisions, avoid common pitfalls, and ultimately secure the perfect property. Below are ten essential questions to consider when choosing a local buyer's agent, designed to help you understand their role, benefits, and how to select the right one for your needs.

What is an Investment Strategy?

An investment strategy is a documented plan that outlines how your SMSF will achieve its investment objectives while considering the fund's circumstances and the needs of its members. This strategy should guide your investment decisions and help ensure the fund is on track to meet its retirement goals.

What is a Self-Managed Super Fund?

A Self-Managed Super Fund (SMSF) offers an unparalleled level of control and flexibility for managing retirement savings. It is a type of superannuation fund in Australia that provides individuals with the ability to manage their own superannuation investments. Unlike retail or industry super funds, SMSFs offer complete control over investment decisions. This level of autonomy allows members to tailor their investment strategies to suit their personal financial goals and risk tolerance.

How SMSFs work

Managing an SMSF involves several responsibilities and regulatory requirements. Also, SMSFs offer a high degree of control and flexibility and come with significant responsibilities and risks.

How do I choose the best insurance?

While pure life insurance is straightforward, the other personal insurances may differ significantly from policy to policy. Definitions of diseases may vary. There may be a range of optional extras – some valuable, others more of a gimmick. With TPD insurance, you may have the choice of ‘own occupation’ or ‘any occupation’. Insurance companies vary in the speed with which they process claims, and beyond that is the question of which insurances should be held via a superannuation fund and which should be held directly.