Considering that life can take a different turn, it is essential to protect your family’s financial future. Nonetheless, without a solid cover, you may be placing your family into jeopardy especially if the unexpected happens.
The interest that you may have in getting a car insurance to protect you from liabilities that come with it, safeguarding the future of your family is equally important. Placing some sort of safety net through having a life insurance is a choice you should not have to ignore.
This cover ensures that the insurance company is committed to pay a certain amount also known as Sum Assured to your family upon your death or injury and helps them to cope financially. Normally, you can choose the amount of cover that fits your financial needs like clearing all debts and leaving money that can be invested when you die.
There are different types of life cover products which have different roles. For instance, there are Australian insurers who deal with income protection insurance that is paid in a monthly basis. As its name suggests, it provides some income if you are unable to work due to sickness or injury. The benefits can last is to 75% of your previous income before you got ill.
The total and permanent disability insurance pays a sum in the event of severe sickness or injury that keeps you from working again. This insurance can replace lost income, help with any modifications to your home due to your medical condition and clear your debts.
Trauma insurance, also known as critical illness/ recover insurance is designed to pay a sum of money to cover medical treatment expenses that are excluded under your private health insurance. It includes various conditions like strokes, heart attacks, cancer which often account for over 90% of trauma claims.