The team at Morgans Wollongong stays informed on the vast number of personal insurance products in today’s market. We can provide you with advice to help you select the right cover to protect you in the event you need it.
Half of all Australians over the age of 30 will suffer a major illness that can lead to a long-term disability, and consequently, a long-term loss of income.
Could you afford to take several months off work without pay? If you are self-employed, could your business survive if you weren't around? If the answer is no, then it is important to look at protecting yourself against these risks.
Type of protection
The most common component of a risk insurance solution is life insurance. How it works is straight forward – in the event you die, your beneficiaries (spouse, children, business partners, whomever is nominated) will receive a lump sum payment.
This could be any amount up to millions of dollars to cover all loans and debts you may have, and to cover the future well being of your loved ones.
Total and Permanent Disability (TPD) insurance
TPD insurance covers you in the event you're totally and permanently disabled and unable to work due to illness or injury. In the event this occurs, you will receive a lump sum payment.
Income protection provides income replacement options to protect your lifestyle, assets and independence if you suffer illness or injury. It will provide a monthly payment of up to 75% of your income while you are unable to work due to accident or sickness.
Trauma insurance protects you from serious medical conditions and illnesses. You will receive a lump sum payment if you are diagnosed with or suffer a life-threatening illness, allowing you to concentrate on what you really need at this time – your recovery.
Business expense insurance
Business expense insurance covers any ongoing expenses of your business, such as rent, salaries, electricity and loan repayments, or bringing in a locum to run the business while the primary income generator is unable to work due to sickness or injury.
If you are the primary income generator in a small business, or if you are self employed, you should consider this sort of cover.
How can we help?
Given the vast number of personal insurance products on the market, it can be difficult deciding on the right cover for your situation.
It is our job to understand every detail of all available products so that we can recommend policies and strategies that suit your individual needs and budget. We can also advise you on ways that your policy can be structured to save you money.
Contact a Morgans Wollongong adviser to find out more information or to discuss your wealth protection options.