A tale of two retirements – which would you choose?
23rd April 2024
Wealth Protection
Life’s unpredictable twists and turns underscore the importance of being prepared for emergencies. Leaving things to chance isn’t ideal. When a working-age parent, or any working-age individual, faces an accident, illness, or death, it significantly impacts the family’s financial situation.
Understanding the various types of personal and business Risk Protection can empower you to protect your family, business and income and bring peace of mind for when the unexpected occurs:
- Life Cover (Term Life Insurance):
- Pays an agreed amount upon the insured person’s death.
- Beneficiaries—those you nominate—receive these funds.
- Often referred to as death cover.
- Total and Permanent Disability (TPD) Cover:
- Pays an agreed amount upon the insured person’s Total and Permanent Disability.
- Funds can allow for rehabilitation costs, debt repayments, future living and medical expenses, home and lifestyle modifications, among other things if you’re totally and permanently disabled.
- Frequently ‘bundled’ or ‘linked’ with Life cover.
- Trauma Cover (Critical Illness, Living or Recovery Protection):
- Provides coverage upon diagnosis of specified illnesses or injuries.
- Major conditions like cancer, heart attack and stroke fall under this category.
- Income Protection:
- Replaces lost income due to injury or sickness preventing you from working.
How we can help
Well Insured has access to a large range of insurers and we can tailor your wealth protection plan to suit your circumstances. We will make the risk protection process as simple as possible and help you get the right cover in place to protect yourself and those you love with a financial safety net in the event the unexpected occurs.
To discuss your Wealth Protection needs please contact our qualified risk protection specialist at Well Insured on 03 9751 0752 or 0430 554 100.