What are the types of insurance available?
Personal / Family Insurance
- This is the big kahuna. The lump sum payment that is paid out to those left behind if you die or you have been diagnosed with a terminal illness with less than 12 months to live.
- It is arguably the most important personal insurance option, especially if you have others who rely on you for financial support.
Income/Mortgage Protection Insurance
- This is the one that helps with money if you can’t work.
- It helps you to maintain your current lifestyle if you are unable to work due to illness or injury.
- This insurance pays a monthly sum to you, based upon your income, mortgage repayments and/or household expenses.
This monthly payment continues until you either return to work or reach the end of your chosen payment period.
- This is the one that helps you pay for the best medical care.
- It allows you to use private medical facilities to skip public hospital waiting lists, get treatment and return to full health as quickly as possible.
- There are lots of different options here depending on your budget and needs.
Trauma/Critical Illness Insurance
- This is the one where you get a lump sum payment if you’re diagnosed with a serious illness.
- It covers many specific medical conditions. The main ones are cancer, heart issues and stroke.
- Payments can be used for anything you choose. This may be additional medical costs, reducing your debt, covering your income for a bit or even a holiday to recuperate!
Total & Permanent Disability (TPD)
- This is the one where you get a lump sum payment if you become ‘totally and permanently’ disabled and can no longer work.
- It is a relatively low-cost insurance for the very worst-case scenarios.
- This one is in case a shareholder in your business dies, becomes critically ill or disabled.
- It provides cash for the surviving shareholder to buy the shares of the deceased or disabled shareholder.
- This avoids estates becoming involved in business decision-making - which can get a bit complicated.
- The payment can also be useful for the bereaved family.
- A ‘Shareholder Protection Plan’ usually consists of a combination of Life insurance and TPD insurance, that we tailor to your business.
Key Person Cover
- This one provides a lump sum or monthly payment to help overcome any operational or financial disruption if an important person can’t work due to death, injury or illness.
- It can make all the difference to a business surviving an awful situation.
- A ‘Key Person Protection Plan’ usually consists of a combination of Life insurance, TPD insurance, Business Continuity insurance and possibly Trauma insurance, that we specifically tailor to your business.
Business Loan Protection
- This is the one that honours personal guarantees and repays debt if one of your business owners dies or can no longer work.
- A ‘Business Loan Protection Plan’ usually consists of Life insurance and TPD insurance that we specifically tailor to your business.
Start Up Income Protection
- This is the one designed for business owners who have been trading for three years or less.
- It gives you confidence while your business gets off the ground, and supports new business owners with monthly payments of an amount agreed when you take out your policy.
Workplace Insurance Scheme
- This is the one designed for businesses who want to offer some form of insurance to its employees.
- This could be Health Insurance, Life insurance, Income Protection insurance or Trauma cover, specially tailored to your business and its people.