There are different types of cover that fall under the broad heading of life insurance.
When working out what insurance you need, consider what’s included and excluded in each policy.
Depending on your circumstances you may need one or more of the following insurances:
- Life cover – also known as ‘term life insurance’ or ‘death cover’, pays a set amount of money when you die. The money will go to the people you nominate as beneficiaries on your policy.
- Total and permanent disability (TPD) cover – pays a lump sum to assist with rehabilitation and living costs if you are totally and permanently disabled. TPD is often bundled with life cover.
- Trauma cover – provides cover if you are diagnosed with a specified illness or injury. These policies include the major illnesses or injuries that will have a significant impact on your life, such as cancer or a stroke. It is sometimes called ‘critical illness cover’ or ‘recovery insurance’.
- Income protection – replaces the income lost through your inability to work due to injury or sickness. It can cover you for short periods or for a lifetime.
Contact Paul Hatzigeorgiadis from APS Financial Planning to discuss your personal situation on 1300 131 809. apsbenefitsgroup.com.au
*Copy supplied by APS
