Personal Insurances
Life Insurance
Life Insurance provides insurance cover that pays a lump sum benefit to your Estate if you die during the period of cover.
If you’re the main income earner in the family, life insurance can help provide a stable financial future for your loved ones if you pass away prematurely. It can help your family cope with major household expenses, such as paying off the mortgage, education costs and funeral expenses.
How much cover do I need?
Most review their life insurance at key stages during their lives, like:
- getting married
- arranging a mortgage or a loan
- starting a new job
- the birth of children
- buying a house
- establishing a business
Total & Permanent Disability
- Total and Permanent Disability (TPD) cover is life insurance that pays out if the insured person becomes Totally and Permanently Disabled.
- In the event of a claim, the TPD payment can be used to eliminate debt, pay ongoing medical expenses, make necessary home modifications, or hire home care services such as nursing, cleaning and cooking.
- It is usually purchased as an additional option on another policy but can be purchased on a “stand alone” basis.
Trauma Insurance
Trauma insurance pays a lump sum in the event that you suffer a major injury or illness such as heart attack, stroke or cancer.
This type of cover is designed to help you cover medical expenses associated with the trauma and other costs that your family may be exposed to. Also, it can often be combined with Life and/or TPD cover at a discounted price.
Basically trauma insurance fills in the gap between life insurance, TPD insurance and income protection insurance.
For example, an insured person who suffers a mild stroke and is able to return to work after 3 months would not be able to claim under their life insurance orTPD and may not be able to claim under their income protection policy.
Income Protection
Income Protection insurance is probably the most essential type of insurance cover because your income determines your standard of living, your ability to build wealth and your capacity to provide for retirement.
It provides you with an income should you become unable to work due to an injury or sickness. Benefits are paid monthly. The amount of cover is usually restricted to 75% of your gross salary. Premiums are tax deductible for most taxpayers and the income is assessable because it replaces lost “assessable” income.
The choice of cover depends entirely on your individual circumstances.
For example:
- Benefit periods can vary from 2 years to age 65 or life for accident cover
- Waiting periods (the time before a claim is paid) can range from 14, 30 or 90 days to even longer
- Maximum benefit calculations for self-employed people can be complex
- Claims benefits can be escalated in line with inflation
- Your occupation determines your premium and some companies exclude some occupations altogether
- Policy definitions can vary greatly between companies especially the definitions of “total disability” and the differences between “own occupation” and “any occupation” and “Indemnity” vs “Agreed Value”
- Premiums can be “Stepped” or “Level”
Other Services
Office Address: Level 1, 170 Burswood Road, Burswood, WA 6100
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*If you are around Perth metro areas we can come to you for your convenience.
Walshe Clancy O’Neill Accountants
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Walshe Clancy O’Neill Financial Planning
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Walshe Clancy O’Neill Financial Planning Pty Ltd
AFSL No. 541587
Walshe Clancy O’Neill Finance Broker
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E: sheamus@walsheclancyoneill.com.au
Authorised credit representatives of Walshe Clancy O’Neill Mortgage Brokers Pty Ltd
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General Advice Warning: The information contained on this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs and where appropriate, seek professional advice from a financial adviser, accountant or finance broker.
O’Neill Murphy Pty Ltd ATF O’Neill Murphy Family Trust t/as WCO Group is an Authorised Representative of Walshe Clancy O’Neill Financial Planning Pty Ltd (AFSL 541587)