At Required Financial Services, our aim is to assist you in making informed insurance choices for you, your family and your business. The information below is designed to help you understand the different types of insurances available.
This type of insurance provides a lump sum payment to a beneficiary, third party or an estate, in the event of your death. It can also provide for all or part of the benefit to be paid should you be diagnosed as terminally ill. Life insurance can help to pay off your debts, support dependents and maintain your family's lifestyle. Life insurance can be held inside superannuation and can offer a cost effective method of cover.
Total & Permanent Disablement Insurance (TPD)
This type of insurance provides a lump sum payment if you become totally and permanently disabled. The meaning of TPD is defined in each policy document but is generally defined as being unable to work in any occupation or your usual occupation. Each insurer can have a different definition of what is and isn't considered to be totally and permanently disabled. TPD insurance helps cover the costs of rehabilitation, repayment of debt repayments and the future living costs.
Provides a lump sum payment in the event of you being diagnosed with one of a specified range of critical illnesses or injuries. The list of conditions covered is varied and differs between companies, as do the definitions of those conditions. The benefit can be provided as either an advance payment of a death benefit or on a stand-alone basis.
Income Protection Insurance
Provides you with a regular source of income should you be unable to work for a period due to sickness or injury. You can generally insure for up to 75% of your normal income and there are a number of options available relating to waiting and benefit periods.
Business Expenses Insurance
A specialised form of insurance designed for people who are self-employed or in a partnership. This insurance is similar to income protection insurance, but is designed for business owners. It provides for a regular payment to cover the costs of running the business should you be unable to work for a period due to sickness or injury.
Key Person Insurance
This type of insurance is a company-owned life insurance policy which insures an employer against the death or incapacitation of a key employee or partner and is used by both large and small companies.
Key person insurance is usually taken out by a company on the life or health of any employee whose knowledge or contribution is considered valuable to the company. It provides for financial protection against a loss in revenue, profits or the capital value of a business should the key person suffer a major illness, injury or death.