Personal Insurance
The team at Personal Wealth Creation help to make navigating Personal Insurance easier for you and your family.
Life and TPD Insurance
Life and Total & Permanent Disability (TPD) Insurance are two types of personal insurance that provide financial protection in the event of death or serious injury.
- Life Insurance: This policy pays a lump sum benefit to the insured’s beneficiaries if the insured person passes away or is diagnosed with a terminal illness. The payout can help cover debts, living expenses, funeral costs, and provide financial support for loved ones.
- Total & Permanent Disability (TPD) Insurance: This policy provides a lump sum payment if the insured becomes totally and permanently disabled and is unable to work again. TPD cover helps manage the costs associated with lifestyle changes, medical expenses, rehabilitation, and ongoing living expenses.
Both insurances can be purchased separately or bundled together, providing comprehensive financial protection against unforeseen life events.
Trauma Insurance
Trauma insurance, also known as critical illness insurance, provides a lump sum payment if the insured is diagnosed with a specified serious illness or injury, such as cancer, heart attack, stroke, or other major medical conditions listed in the policy. The payout can be used at the insured’s discretion to cover medical expenses, rehabilitation costs, mortgage repayments, lifestyle changes, or any other financial needs during recovery. Unlike income protection or health insurance, trauma insurance is not tied to the ability to work or specific medical bills; it’s meant to ease the financial burden during a challenging time, allowing the insured to focus on recovery without financial stress.
Income Protection Insurance
Income Protection Insurance provides a regular income (typically up to 75% of your pre-tax earnings) if you are unable to work due to illness or injury. This insurance helps cover everyday living expenses, such as mortgage or rent payments, bills, and other personal costs, while you recover and are unable to earn your usual income.
The payments continue until you are able to return to work, the benefit period ends (which could range from two years to age 65), or you reach a maximum age specified in the policy. Income protection offers peace of mind by maintaining financial stability during periods of illness or injury, allowing you to focus on recovery without the added stress of income loss.