In today’s unpredictable world, it is crucial to secure your family’s financial stability and understand the significance of personal risk insurance. While most people insure their possessions like cars and homes, many overlook the need to insure themselves. What would happen if you were unable to work due to injury or illness? Would you still be able to meet your financial obligations?
A shocking 95% of Australian families lack adequate insurance coverage, leaving loved ones vulnerable during unexpected life events. Personal risk insurance provides financial protection against unexpected events that may impact your income or health, covering risks such as disability, critical illness, and death.
Life insurance
Life insurance provides a lump sum to your dependents in the event of your death or diagnosis of a terminal illness. This can help cover expenses and maintain their standard of living, securing your loved ones financially even when you are not around.
TPD insurance
If you were to experience a total and permanent disability, TPD insurance provides a lump sum payment that covers living and medical expenses – peace of mind that you and your loved ones are covered in case of the unexpected.
Income protection insurance
With income protection insurance, you receive a monthly income to help cover your expenses if you’re unable to work due to illness or injury. Don’t let unexpected circumstances leave you struggling to make ends meet.
Trauma insurance
Major medical conditions like heart attacks, strokes, or cancer can cause emotional and financial stress during recovery. Trauma insurance helps ease the burden of expenses so you can focus on what’s important – your health and well-being.
What kind of insurance do you need and when?
Your insurance needs change as you go through different stages of life. Young families or those with significant debts might prioritise comprehensive coverage. As circumstances change – children becoming independent, debts decreasing – you might adjust your coverage. Assessing how long you could manage without an income is crucial.
How can we help you?
Navigating the complexities of personal risk insurance can be overwhelming. One of pmwPlus’ financial advisers can help you find the right coverage mix, understand policy features, and align your insurance strategy with your overall financial goals.
General advice warning: The advice provided is general advice only. In preparing it we did not take into account your investment objectives, financial situation or particular needs. Before acting on this advice, consider how appropriate it is to your needs and objectives, and consider the relevant Product Disclosure Statement before making any decision relating to a financial product.