PROTECT YOUR MORTGAGE

A mortgage isn't something you want to get wrong

You take out insurance, to financially protect yourself and your family in case anything unforeseen happens.

Yet, sadly, insurance is one of the most neglected aspects of the average person’s financial plan. Many Australians don’t have enough protection from the financial instability caused by death, injury or serious illness.

If something were to happen to you or your spouse unexpectedly, how would your family be affected financially? Could your debts be repaid? Where would the family’s new source of income come from? Would you, or could you, cash in your assets?

While many Australians insure their car, home and contents, their most valuable asset is often overlooked.

That’s right. You.

Consider this. A 40-year-old earning $40,000 per year (increasing 5% per year) will earn $1,909,000 in total by the time they reach age 65.

This makes your ability to earn an income and provide for yourself and your family a valuable asset worth protecting.

Let’s take a look at the different types of life insurance you can take out.

Income protection

Protecting your income means you are protecting your lifestyle. Income Protection, also known as salary continuance, usually pays a monthly benefit of up to 75% of your regular income if you’re too sick or injured to work.

This type of insurance is designed to help you continue paying the mortgage, children’s school fees, phone and utility bills, run your car, buy food and clothes, basically all of your day-to-day living expenses.

To understand more about how Income Protection works and when you would need this type of insurance contact Prime Money Matters Risk services and speak to one of our consultants.

Total and permanent disablement (TPD)

TPD cover provides a lump sum payment if you’re totally and permanently disabled. This cover can help you pay for medical expenses, repay major debts and help provide for your future.

To understand more about how Income Protection works and when you would need this type of insurance contact Prime Money Matters Risk services and speak to one of our consultants.

Trauma cover

Trauma cover provides a lump sum payment if you’re diagnosed with a specified 'trauma' condition. The types of conditions that trauma cover will cover you for include heart attack, multiple sclerosis, motor neurone disease, major organ transplant, severe burns, cancers, dementia, stroke or paralysis – to name a few.

TIP: When taking out trauma cover check the list of conditions, as each insurer is different. Also talk to your financial planner about the difference between the definitions each insurer offers.

Trauma cover is designed to help cover your increased medical costs and living expenses, providing you some financial security during the important recovery process.

To understand more about how Trauma cover and when you would need this type of insurance contact Prime Money Matters Risk services and speak to one of our consultants.

Death cover

Death cover offers you the security that if the unexpected were to happen, at least your family won’t have to worry about money.

Death cover works by making a lump sum payment to your family if you die or are diagnosed with a terminal illness.

It’s important for people of all ages, especially if you have others relying on you financially or you have large debts such as a mortgage.

To understand more about how Death cover works and when you would need this type of insurance contact Prime Money Matters Risk services and speak to one of our consultants.