Personal insurance has now become a key type of insurance held by typical Australian families. Personal insurance in Australia usually covers the types as outlined below:
Top 3 types of Personal Insurance
Life Insurance - is designed to provide you and your loved one's financial protection should you pass away or be diagnosed with a terminal illness. This is a lump sum which can either be paid directly to your estate or nominated dependants. Term life insurance is a lump sum usually used to cover outstanding debts & mortgages and provide for your loved ones.
Income Protection Insurance - is designed to provide you with a monthly benefit of up to 75% of your normal income or salary should you suffer from a sickness or accident and not be able to work for a period of time.
TPD Insurance - is designed to provide you financial protection should you become totally & permanently disabled. This is a lump sum payment which can be used to pay off debt, provide for medical costs and lifestyle adjustments as a result of the condition.
Other types of Personal Insurance
Trauma Insurance - is designed to provide the life insured a lump sum should they suffer from a traumatic medical event. These specified medical conditions include conditions such as cancer, heart attacks, heart disease and paralysis. This benefit is designed to help you pay for medical costs and pay debts during an emotional and financially difficult time.
Home & Contents Insurance - is designed to protect your house (the building) & the contents within. It is designed to indemnify the insured party should your house be burgled, burnt down or destroyed. The benefit paid helps to bring your property back to the state it in was before the event.
Car Insurance - is designed to protect your car and/or the damage you may cause to another persons vehicle. There are many types of car insurance and it is best to research the type you require.
Personal Insurance comes in a number of different shapes and forms. The key is to understand the personal insurance requirements you need and that of your family's before starting your research on where to look.
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If you require assistance with any of the following personal insurances such as Life, Income Protection or Trauma Insurance contact xLife or get free Life Insurance Quotes today!
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