1. Life insurance

good example of this would be the main income source or ‘breadwinner’ in a family. If they were to pass away, often the family are faced with the prospect of not having enough money to pay back their debts, like a family home and may not be able to maintain the same lifestyle that they have been building towards. This can mean significant changes to their lifestyle like selling a house and renting, children to go to a cheaper school and selling assets to supplement income.

What Insurance typically covers:

2. Total and Permanent Disability Insurance (TPD)

Total and Permanent Disability to there to assist in a situation where you suffer an illness, injury or accident that means you are never able to return to work ever again. This could be as a result of cancer or a car accident. Often in these cases this can lead to large and immediate and long terms costs for an array of expenses like:

What Insurance typically covers:

3. Income Protection

Income protection supplements the income you are unable to earn due to illness, injury, disability or accident.

This can be for a potentially short-term reason, for example a severe car accident that injures you, however you will return to work in future even if it is a year or 2. Or it can be for a very long-term reason, like being unable to work as a result of these injuries. Income protection generally only covers 75% of your income .

Important to ensure that if your income stops, you can continue to meet your living needs like your mortgage, school fees, utilities and food.

For you to access this money from your insurance contract, you are required to meet a ‘waiting period’ that is, you can prove that you are unfit for work for a particular period of time for example, 30 days, 60 days or right up until 720 days. Once you can satisfy this claim then you will be paid for the length of a stated benefit period, for example, 2 years, 5 years or up until age 70. Both the waiting period and benefit period are recommended by your financial planner in direct consultation with you about your personal circumstances.

What Insurance typically covers:

4. Trauma Insurance

Trauma insurance is designed to provide an immediate lump sum payment for expenses incurred from a significant medical event that is listed within your policy. You must satisfy a ‘survival period’ of generally 14 days before the payment can be made to you however is often very important to help supplement the large and immediate expenses due to a sudden and expensive life event.

The four most commonly claimed upon medical events are:

These 4 medical events alone account for nearly 70% of trauma insurance claims and the number one claimed upon medical event is Cancer.

The Cancer Council has startling numbers that “1 in 2 Australian men and 1 in 3 Australian women will be diagnosed with cancer by the age of 85”. As horrifying as these figures are, these cost to treat cancer is on average $114,000 as a cost to the consumer after the government have taken a significant part of this cost (Cancer Council). The lowest cost to treat cancer was Melanoma at a cost of $32,100 whereas the largest cost was for Brain cancer at a whopping $325,600. With these numbers it is hard to imagine how a family can maintain their lifestyle when large medical expenses immediately needing to be paid. Unfortunately, Medicare and private health cover can create a gap that is often difficult to close without relying on family and friends and the state and federal government.

Trauma insurance therefore typically covers the following areas, Medical expenses & Salary for up to 2 years whilst recovering.


  • Comprehensive and customised insurance plan is essential.
  • Some include more money in one insurance to make up for the fact they are not covered elsewhere.
  • Secure you and your family's future.
  • Have a difficult conversation today to avoid a much harder conversation tomorrow.
  • The 2nd best day to get insurance was yesterday, the best day to get insurance is today and the worst day to get insurance is tomorrow.