Personal Risk Planning

Most people don’t think twice about having home and contents, or car insurance. However, beyond personal health insurance we often don’t think about insurance that can help protect us from the impacts of an accident or unexpected illness.

We may not want to think about the likelihood of something happening, but it’s important to be prepared. Knowing which policy will offer you the best protection and provide the proper coverage is critical. Each of the following (or a combination of any) can help ensure you are protected.

Seeking professional advice ensures this occurs. Speak with us today.



Income Protection

If you cannot live without your income for a prolonged period of time, you generally will need an income protection policy.

Income protection insurance pays up to 75% of your annual income, in monthly benefits, to cover your expenses should you become unable to work. Income protection allows you to maintain your lifestyle as you concentrate on getting better.

Over your entire working life you could earn around $2.2m. Isn’t that worth insuring?

Based on average weekly ordinary times earnings at May 2006, multiplied by 40 years’ continuous employment – Australian Bureau of Statistics.


Life Insurance

If you have people who depend on you being alive to produce an income or you would like debt repaid in the event of your death, then you are likely to need life insurance. Life insurance (also referred to as term insurance) provides a lump sum payment upon death or terminal illness of the life insured.

60% of Australian families with dependants would run out of money within 12 months if the main income earner dies.

TNS Research, Investigating the issue of under insurance in Australia, August 2005.



Can you survive financially if you are totally and permanently disabled? In addition to the general cost of living, would you also be able to afford any medical expenses associated in your ongoing living in this condition.

Total and Permanent Disability is an added protection benefit often offered with life insurance policies. Generally speaking it covers the insured if they are unable to work in their own or any occupation for which they are suited by training, education or experience because of illness and injury.

Approximately 44,000 Australians suffer a stroke each year, with strokes being the leading cause of long-term disability in adults.

Australian Institute of Health and Welfare, Heart, Stoke and Vascular Diseases: Australian Facts, 2004.



Trauma Insurance

Critical illness (or trauma insurance) was introduced because of medical advances which have increased survival rates after serious medical conditions like heart attack, cancer or stroke. Critical illness offers protection by providing a lump sum payment in the event you are diagnosed with one of a range of specified medical conditions. It can help ease the financial impact of a critical illness on your lifestyle by paying you a lump sum when you need it most.

More than one in three males and close to one in four females will suffer from some form of cancer before they turn 75.

Australian Institute of Health and Welfare, Australia’s Health 2004

Life Risk Management delivers specialist risk advice and solutions tailored to your individual needs to ensure you are protected.