Below is an overview of the each insurance type. When taking out insurance, it’s important to read the policy carefully and ask a professional if you have any questions about what’s included.

Life Insurance: A lump sum is provided to your beneficiary in the event of your death to cover expenses such as mortgages, debt and replacement income.

Total & Permanent Disability (TPD) Insurance: A lump sum is provided to you in the event you become permanently disabled and cannot return to work. This will cover mortgages and debts, replacement income and can be used to make appropriate alterations to your home, such as renovating it for wheelchair access.

Income Protection Insurance: If you’re unable to work due to injury or illness, income protection insurance will provide you with a monthly benefit, which is usually up to 75 per cent of your monthly income (including superannuation).

Trauma Insurance: Most trauma insurance policies cover medical expenses for approximately 47 conditions, including cancers, stroke, heart disease, dementia, sclerosis and severe diabetes. Some policies also cover around 20 mild conditions for which you could receive partial payment – please check your policy. The funds will be provided as a lump sum.

Child Trauma Insurance: A lump sum is provided to parents or guardians in the event your child suffers a certain condition or passes away. This type of insurance policy can give you peace of mind that you would be able to provide your child with the best medical treatment if needed. It must be linked to an adult’s policy.

Business Expenses Insurance: Designed for self-employed people, this insurance covers fixed expenses such as rent, electricity, leasing costs and bank charges in the event you are unable to meet these requirements. The maximum period this policy can pay out is for one year and it is paid as a monthly benefit.