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wooden blocks with letters spelling health or wealth depending on how the first block with H on one face and W on another, lands - relationship between these for personal risk protection

Personal risk protection

Personal Risk Protection is available – and its need needs consideration.  It can be achieved using Life Insurance; and its ramifications are certain.

Life Insurance 

Life insurance provides essential personal risk protection against financial impacts from disabling events. These can harm both your financial well-being and wealth accumulation strategies.

Daily personal risks, such as health issues or physical injuries, are often unavoidable. You will mitigate the financial hardships from temporary or permanent disabilities, with proper coverage.

Financial Impact

Australians are critically under-insured, with many lacking adequate or appropriate coverage. Reasons include distrust in insurers, perceived high costs, or the belief that insurance isn’t necessary.

Some superannuation-linked policies are restrictive, leading to concerns about claim payouts and coverage loss when changing employers.

Portfolio of Personal Risk Protection Products

An effective life insurance portfolio ensures financial plans remain on track despite income disruptions. Consider these options:

Choosing the right structure, ownership, and mix of policies is crucial to ensure adequate protection. Whether life insurance should be inside or outside of superannuation depends on individual circumstances.

Why Proper Life Insurance Matters

Prudent advice from a wealth management adviser ensures:

  • A thorough needs analysis for appropriate coverage.
  • Selection of the right policies.
  • Correct ownership and beneficiary structures.

Regular reviews of your coverage are essential.

Continuum Financial Planners: Here to Help with your personal risk protection

Our advisers at Continuum Financial Planners are ready to review your personal risk insurance portfolio.  To arrange an appointment with one of our team –

(This article was first published by us in July 2013.  It has occasionally been refreshed/ updated, most recently in February 2025.)