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Ladies! Life Insurance protects your highest priorities March 29, 2010

Posted by Meike Suggars in Disability Insurance (TPD), Income Protection, Life Insurance, Personal Insurance, Trauma Insurance.
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A new survey conducted by SheSpot shows career is not the number one priority for Australian women. For 74% of women, that number one priority is family, followed in second place by financial security. In fact, 62% of women surveyed are worried about money and claim it’s the number one thing making them unhappy.

I wanted to know how many women have personal insurance in place to ensure their family and financial security is protected in the event of illness or injury?

The Suggars Family 1983

The Suggars Family 1983 - the way we were

As reported by RiskInfo, it’s been revealed in the recent Lifewise/NATSEM Underinsurance Report that one in 5 working age parents will die or become seriously ill or injured, however 95% of families don’t have adequate insurance in place to protect them from the potential financial hardship that often follows such circumstances.

Are you one of them?

If you are, it’s easy for you to take control now while you’re still fit and healthy by taking out personal insurance. 

  • Income protection pays you 75% of your income if you’re unable to work for an extended period due to sickness or injury. Learn more about income protection
  • Trauma insurance pays out a lump sum if you’re diagnosed with one of over 40 illnesses including cancer, heart disease and stroke. Some policies even cover serious pregnancy complications.
  • Total & permanent disability (TPD) insurance is the only insurance to cover permanent disablement caused by mental disorder (including stress) and muscular skeletal injuries.
  • Death cover is often called Term insurance. This pays out in the event of death, and is just as important for mums as it is for dads as it can be used to pay for a nanny/house keeper who’ll iron the shirts, make sure the kids sports gear is packed on Tuesdays and that homework is done on time.

These different types of insurance can be combined to provide you with the cover you need, based on your personal circumstances. So don’t gamble with your family’s future. Contact Suggars & Associates to find out what insurance options are available to you.

The advice in this article is of a general nature only and does not take your personal circumstances into account. You should seek financial advice before making any investment or financial decisions.

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What happens to your income if you can’t work? March 9, 2010

Posted by Meike Suggars in Income Protection, Personal Insurance.
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This is a question that most people don’t ask themselves until it’s too late – they’ve been diagnosed with a traumatic illness or have had a serious accident that means they’re off work for an extended period.

The obvious answer is if you can’t work you lose your income. The bills start to mount up, and so does the stress – instead of focusing on getting better, you’re worrying about how to pay the mortgage repayments, or pay the school fees.

But there is an alternative.

Income Protection Insurance allows you to protect your income from the risk of illness or injury. After being off work for a specified waiting period, you can make a claim and the insurance company will pay a monthly benefit equivalent to 75% of your income – in many cases, until you’re able to go back to work.

There are a number of different income insurance policies available from a variety of insurance companies, and different policies suit different people depending on their occupation and employment status. The amount of cover you need will depend on your financial obligations and there are many optional extras. Talking to an insurance adviser with access to a variety of products in the market, such as Suggars & Associates, will help you understand your needs and find the best policy available to suit your circumstances.

Like any personal insurance, the best time to take out income protection is while you’re fit and healthy to avoid paying loadings that may apply if you’ve already been diagnosed with a medical condition. Once you have your income protection in place, it remains in force for as long as you continue to pay your premiums – so no matter what happens to your health in the future, you’re protected from losing your income.

The moral of the story? Don’t wait until it’s too late! Protect your income and your lifestyle, and that of your loved ones, by making sure you have adequate income protection insurance. Contact Suggars & Associates to make an appointment and get covered.

The advice in this article is of a general nature only and does not take your personal circumstances into account. You should seek financial advice before making any investment or financial decisions.