Personal Insurance
Advice

What is Risk Insurance?

Risk Insurance can be used to protect against the risk of your financial plan derailing due to an unforeseen event.

We aren’t salesmen and don’t believe in trying to “sell” you insurance. We conduct a needs analysis to provide honest advice around what level of insurance you require (if any) based on your situation, goals, and risk appetite.

We factor your insurance needs into your regular reviews to determine if your insurance needs have changed over time. For example, your need for insurance may gradually decrease as your savings increase. Conversely, your need for insurance may increase where there is a change in your situation, such as purchasing a property or having a child.

We also help you structure your insurance ownership. For example, you may prefer that your superfund pays for your insurance due to personal cash flow considerations. 

The main types of insurance include:

Income Protection: Provides you with an income stream replacing up to 70% of your salary, if you were unable to work due to an illness or injury.

Trauma: Provides you with a lump sum payment in the event you suffer a Traumatic event such as cancer, heart attack, or a stroke. You may still be able to work whilst receiving a Trauma payment.

Life: Provides your beneficiaries with a lump sum payment upon death

TPD (Total and Permanent Disability): Provides you with a lump sum payment if you were unlikely to ever work again.

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FAQs

  • Private Health insurance can cover, either partially or completely, certain costs as agreed (for example, hospital, physio, dental, etc). However, it will not provide you with a payout.

    Risk insurance provides you with a payment in the form of either a lump sum or income stream in the event certain events occur. This payment can be importand as it may allow you to remain on track to meet your financial objectives which would otherwise be derailed due to a costly event occuring.

  • The main types of risk insurance are Income Protection, Trauma, Life Insurance, and Total and Permanent Disability (TPD).

  • Provides you with an income stream replacing up to 70% of your salary, if you were unable to work due to an illness or injury

  • Provides your beneficiaries with a lump sum payment upon death

  • Trauma provides you with a lump sum payment in the event you suffer a Traumatic event such as cancer, heart attack, or a stroke. You may still be able to work whilst receiving a Trauma payment.

  • Total and Permanent Disability (TPD) insurance provides you with a lump sum payment if you were unlikely to ever work again.

  • An adviser can help you calculate what level of insurance you require based on your goals and objectives, and current situation.

  • Yes it can be. The main types of insurance that can be paid from your superfund are Life, Income Protection and TPD. Trauma can no longer be held inside Superannuation.

  • Trauma can no longer be held inside Superannuation as individuals may not be able to access their payment once it is paid to the superfund. This is because Trauma generally does not satisfy a condition of superannuation release.

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