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Personal Protection

Insurance for Personal Protection is the most effective solution to protect against life’s unpredictable challenges for you and your family.

Four main types of insurance work in conjunction with each other to provide financial protection for you and your family:

  • Term life insurance
  • Total & permanent disablement insurance
  • Income protection insurance, and
  • Trauma insurance.

How much insurance you need to protect your risk is individual and depends on your circumstances.

So how do we do it?

Our Five-step process to find out about you is the key to determining which type of insurance you need and how much. It can sometimes seem complicated with all the terms, different policies and jargon, but it’s our job to educate you along the way and get to know our clients to advise them on the best approach that suits them.

Client Scenario

Strategy to ensure an effective plan in place for Personal Protection

Lisa and Larry have three young children. Lisa has been a full‐time homemaker for the past five years and Larry earns a decent salary of $120,000 pa. Their home is valued at $700,000, with debts totalling $320,000.

Larry is concerned that should something happen to him would Lisa be financially secure and be able to look after their children without having to return to work?

Our Solution

After finding out more about their financial situation, Strategies For Life points out that if Larry becomes totally and permanently disabled or (dies), he (or Lisa) could receive a lump sum payment from his super fund. This includes his existing account balance and an insurance benefit provided by his fund.

While this money could reduce any outstanding debts, Lisa may still find it difficult to meet the repayments. This is because, even though she could return to the workforce, she would probably have to meet some additional costs from her salary, such as childcare and household help.

To ensure enough money becomes available to clear the debts, it is recommended Larry take out additional Life and TPD insurance to supplement the payment that would be received from his super fund.  This would provide a greater level of cover for Lisa to continue to look after her family without having to immediately return to work to cover living costs.

Furthermore, because Larry won’t be able to access his super if he becomes critically ill and can return to work, Strategies For Life recommends he use Income Protection & Trauma insurance. This will enable Larry and his family to focus on his recovery without the financial stress of having to worry about income and medical expenses.

Strategies For Life can help design the most suitable strategy that suits your circumstances to ensure your goals are reached within your timeframe.