Injury and illness can happen to anyone at any time of life. Having the right insurance policies in place can give you peace of mind that you will be able to look after your loved ones and focus on recovery if it happens to you.
In Australia, there are many different types of insurance policies for unexpected injury and illness. The most common are explained below.
Life insurance is an umbrella term for a number of different products which can help protect you and your loved ones in case of an unexpected life event, including injury, illness, disability and death.
It’s important to read the product disclosure statement to understand what is included and what is excluded in the policy.
If you have a disability because of injury or illness and can’t work, income protection insurance pays part of your lost income.
You may want to consider income protection insurance if you:
How much you get paid depends on your policy type.
Indemnity value policies give you a percentage of what you were earning for the 12 months before your injury or illness. Usually, you can get up to 85% of your previous annual income. This type of policy is good for those with a stable, regular income.
Agreed value policies give you a percentage of an agreed amount that you and your insurer decide upon when you sign up for the policy. This type of policy can be more expensive, but is better suited to people with a varying income.
Private health insurance helps you pay for health services and medical fees that Medicare doesn’t cover.
There are different levels of cover you can get, including:
Knowing where to put your money can be tricky. If you need help planning for your future and being prepared for unexpected challenges, chat with the team at Lawrence Group today.