Life Insurance Products for Personal Risk Insurance
Life insurance products are designed to provide financial security for you and your dependents. They cover untimely death, critical illness, or incapacity due to illness, accident, or injury. These policies can offer either an ongoing income stream or a lump sum payment, depending on the circumstances.
Uses of Life Insurance Products
A well-structured insurance portfolio ensures necessary financial support for your dependents. It helps them meet debt repayments, handle major home renovations, or generate an ongoing income stream. This protection offers peace of mind, ensuring they maintain an acceptable standard of living.
Determining the Right Amount of Life Insurance
An insurance needs analysis tool helps determine the types and amounts of life insurance required. It identifies the best policies to meet your financial protection needs. Proper ownership of these policies is crucial, as it impacts how proceeds might be taxed. Policies can be owned by the insured, a spouse, a business partner, or even a superannuation fund, depending on the intended protection.
Addressing Australia’s Underinsurance Issue
Studies show that many Australians are underinsured. Don’t let your family face financial distress alongside emotional turmoil. Proper life insurance coverage can protect them from financial hardship during challenging times.
Types of Life Insurance Available
Personal Risk Insurance can include:
- Life (Death) Insurance: Also known as Term Life.
- Total and Permanent Disability (TPD) Insurance: Covers temporary and permanent disability.
- Trauma (Critical Illness) Insurance: Provides coverage for serious health conditions.
- Income Protection/Salary Continuance Insurance: Ensures income replacement during incapacity.
- Business Expense Insurance: Covers business-related expenses.
Next Steps
The advisers at Continuum Financial Planners Pty Ltd are equipped to assess your personal risk management needs. We offer an annual review process to ensure your life insurance strategy remains relevant. Whether you’re underinsured or overinsured, we can help you find the right balance.
To access our risk insurance services, call our office on 07-3421 3456, or, at your convenience, use our Book A Meeting facility to arrange an appointment.
(This article was first published in August 2009. It has occasionally been refreshed/ updated, most recently in September 2024.)
