There are several different personal insurance types available in Australia.
Life insurance
There’s no way to sugar-coat it: life insurance is designed to provide for your family in the unfortunate circumstances that you pass away. It provides a lump sum to your beneficiaries, and can help to pay for funeral costs, provide future income for your partner, and meet any existing financial obligations when you’re no longer around.
Trauma insurance
Trauma insurance provides a one-off lump sum payment to cover any serious medical condition, such as heart attacks, stroke, or cancer. Trauma insurance is one of the more commonly claimed personal insurance types, and as such, it can be one of the more expensive personal insurances. However, it’s worth it to provide peace of mind that you’re covered in the event of any serious health conditions.
Income protection
Income protection is a personal insurance type that covers you in the event that you can’t work, due to illness or injury. It provides a steady income stream of up to 75% of your gross monthly income.