What is Wealth Protection?

It’s having a solution in place to manage unforeseen events.
Unfortunately accidents and illnesses can happen to anyone. Insurance is a contingency plan. It takes care of the “what ifs” and acts to protect you and your family if something goes wrong.
The Facts:
• 83% of Australians say they have insurance for their car, yet only 31% insure their ability to earn an income though Income Protection.’
• One third of women and a quarter of all men will suffer cancer during their lives. Over half will live longer than 5 years after diagnosis ‘
• A 35 year old male has a 31% probability of suffering a Life, TPD or Trauma claim before the age of 65. For females its 25% ‘’
Type Of Cover Available Description

Life Cover

Will pay a lump sum upon death or Diagnosis of terminal illness. It’s the easiest to understand when it pays out.

Total & Permanent Disablement (TPD)

TPD cover pays a lump sum if you become totally and permanently disabled and therefore are unlikely ever to work again. Its about maintaining as much quality as life as possible.

There are two forms of definition on a TPD policy
– “Any Occupation” Will payout if you are unable to do the duties of any occupation which you are suited for by way of training education & experience.
– “Own Occupation” Will payout if you are unable to do the duties of your own occupation. This one is more comprehensive.

Ie. Surgeon injures his hand. Under “Any Occ” he could work as a GP. Under “Own Occ” he would get paid out because he can’t do the duties of his own occupation.

Trauma (Critical Illness)

Provides a lump sum on the diagnosis, or occurrence of one of a list of specific injuries and illnesses.

Death rates are falling for many of our leading health concerns, such as cancer, heart disease, strokes,& injury. It’s the financial cost of suffering these conditions that can be debilitating.

On average, households (in NSW) can expect to incur $47,200 in financial costs after a member of that household is diagnosed with cancer. This doesn’t include rehab costs, lifestyle changes, time off work, ongoing treatment.

What’s covered: About 40 conditions such as Cancer, Stroke, Heart Attack, Coma, Chronic Kidney, liver & lung disease, Severe burns, intensive care, Open heart surgery, Brain tumour, Multiple sclerosis, major head trauma etc…

Income Protection

Provides a monthly benefit up to 75% of your gross earnings if you are unable to work due to
sickness or injury.

This cover is designed to help cover your ongoing commitments ie. Bills, debt repayments, costs of living as a result of not being unable to work.

Has a Waiting Period: When you need the policy to start after suffering the condition
Has a Benefit Period: How long you can potentially claim for. i.e 2ys, 5ys, to age 65 or even 70