Personal Risk Insurances are designed to protect you and the ones you love from financial losses or additional expenses suffered due to unforeseen illness, accident or death. These insurances provide a safety net which will give financial support when it is most needed.
There are four main types of personal risk insurance –
- Life Insurance pays your estate or nominated beneficiary a lump sum upon your death. In some circumstances, this also occurs if a terminal illness is diagnosed. This goes some way to helping families recover after the passing of a loved one and may assist them to retain the family home
- Total and Permanent Disability Insurance also pays a lump sum should you become disabled to the degree working is impossible. This sum can be quite large so meets the immediate and longer term expenses associated with your new circumstances.
- Trauma Insurance pays a lump sum and covers specified illnesses or events as your policy indicates. The coverage is designed to be short to medium term as you would generally be expected to recover from the temporary trauma.
- Income Protection Insurance pays you money monthly should you become unable to work due to injury or illness. Generally, this insurance pays up to 75% of your normal salary.
Each of these is governed by the particular set of terms and conditions set out in the policy and should be explained to you by an experienced member of the Advisory Partners Team. Call to discuss your personal risk insurance options.
General Advice Disclaimer: This website contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
