These products are mentioned above and include income protection, TPD insurance and trauma (Critical illness) insurance. Choosing the right life insurance product depends on your individual needs, financial situation, and priorities. Each type of insurance serves a different purpose, so it is important to understand the features and benefits of each to determine which ones align with your needs and goals. Here’s a brief overview of each:
Income protection insurance pays a monthly benefit if you become ill or injured and can’t work because of that illness or injury.
Useful for: Helping to manage living expenses and medical costs.
TPD insurance is a lump sum payment if you become permanently disabled as a result of a sickness or injury and are unable to work again.
Useful for: Helping to manage living expenses, medical costs, and any necessary modifications to your home in the event of a severe disability.
Trauma insurance provides a lump sum payment if you are diagnosed with a specified serious medical condition.
Useful for: Providing financial support to cover medical expenses, debt repayments, or lifestyle adjustments during a critical illness.
This article has answered some of the key questions that you might have on your journey to buying life insurance. It may also be helpful to visit a comparison site such as Canstar or Finder to be able to compare various life insurance policies and further determine what suits your requirements before you take the next step.