Illness, disability or death are not subjects we like to think about, but planning for these circumstances can save you and your family a lot of stress and heartache at what would already be a difficult time.

There are four main types of insurance worth considering:

Death

Life insurance is one of the most common types of personal insurance and may even be a part of your superannuation benefits. It may not, however, be enough to ensure your family will be looked after. For example, would your insurance be enough to pay off your mortgage, debts and provide enough income for your family to meet their living expenses for the rest of their lives?

According to TNS Research¹, 60% of Australian families with dependants would run out of money within one year if the main income earner died and 96% don’t have enough insurance to last 10 years .

Total and Permanent Disablement (TPD)

TPD insurance provides you with a lump sum payment in the event that you are unable to ever return to work.

Income Protection

This type of insurance is designed to provide you with a regular income stream while you are unable to work. Policies vary and can provide income for 2 years, 5 years, up to age 60 or up to age 65.

Trauma

Provides a benefit in the event that you are diagnosed with a specified medical condition, regardless of whether you are working or not. This type of insurance can help cover medical costs as well as any shortfall in income.

The right combination of insurance policies for you depends on your circumstances. Kouteris Financial Services can assess your specific needs and come up with an insurance strategy that gives you and your family peace of mind.

We can also help with your business insurance needs including Business Expense Insurance and Key Person Insurance.