Personal protection insurance protects you and your family from the financial consequences of sickness and injury.
There are a range of different kinds of life insurance services available.
Monash Group Financial Planners help you identify the right services to meet your individual needs.
Life Insurance
Life insurance is designed to provide your family with financial security if you die or are diagnosed with a terminal illness.
The lump sum that is paid out can give your family the security and freedom to make choices about their future.
Total & Permanent Disability
Total and Permanent Disability insurance (TPD) is designed to help take the pressure off you financially if you suffer an illness or injury that leaves you totally and permanently disabled.
The lump sum benefit paid is often used to eliminate debts, pay for medical expenses or fund permanent lifestyle changes.
An example of a lifestyle change would be if you relocate to a home that is more accessible for your specific condition.
The definition of TPD will vary depending on the particular product and insurance policy. Most companies allow you to choose whether you want coverage against:
- Being unlikely to work again in your ‘own occupation’ following an illness or injury or,
- Being unlikely to work again in ‘any occupation’ following an illness or injury.
For example, if a surgeon injures their hands in a car accident they may receive a payout under an ‘own occupation’ definition as they are unlikely to work again as a surgeon.
However, the surgeon might not receive a payout under an ‘any occupation’ definition as they can still work as a GP based on her education, training and experience.
Medical Trauma Insurance
Trauma or critical illness insurance provides a cash lump sum on the diagnosis of a medical condition.
The number of conditions covered (benefits) varies widely, cheaper policies often offering fewer benefits.
The most common claims under these policies are for:
- Cancer
- Heart attack
- Coronary bypass
- Stroke
- Other conditions may also be covered.
Read ‘Trauma Insurance – Which Choice is Right for You?’ to find out more.
Child Trauma Insurance
(Also known as child recovery insurance, or child critical illness cover), provides you with a lump sum should your child suffer one of a list of specified medical conditions or procedures.
The list of conditions covered will vary between insurance companies and the policy selected.
Children’s trauma insurance is designed to ease the financial pressure on families.
It is attached to either a life cover or trauma insurance policy on a parent or legal guardian’s life.
Income Protection
Income protection is designed to help keep your life on track while you are unable to earn an income due to sickness or injury.
It can provide valuable financial support which enables you focus on getting well again.
