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Can you afford not to have personal insurance?

Most people wouldn’t dream of leaving their home, contents and motor vehicle uninsured so why take a risk with your greatest asset – your life and your ability to earn income.

Without adequate cover, the wealth you have built up or have the potential to build can deplete quickly which puts more pressure on your loved ones at an already difficult time.

Choosing a level of personal insurance cover suited to your financial situation will provide you with peace of mind that your family will be provided for should the unexpected happen.

An appropriate level of cover will ensure that:

  1. Mortgage payments are met.
  2. Your standard of living is maintained.
  3. There is provision to repay debt.
  4. Provision for a housekeeper/nanny if you have young children.
  5. Funds to meet your children's future education needs.

The following types of personal insurance cover are available:-

Term Life Insurance

Provides a lump sum in the event of death.


Total & Permanent Disability Insurance (TPD)

Provides a lump sum if you suffer a total and permanent disability and are unable to work again.


Trauma Insurance

Pays a lump sum if you suffer a major illness such as heart attack, stroke or cancer.


Income Protection Insurance

Provides a monthly payment of up to 75% of your income if you are unable to work due to sickness or accident.


Business Expense Insurance

Provides monies for certain regular business expenses generally for a period of up to 12 months.

The amount of cover required depends upon your level of assets, your level of debt and how many dependants you have. It is important that you accurately calculate how much cover you need because this is what you and your family will have to live on in the future.

It can be very tax flow effective to hold some cover through the superannuation environment however if it is not structured correctly an unexpected taxation liability may occur. This highlights the need to seek professional advice to ensure your insurance cover is structured correctly.

The hardest thing to do is to work out how much cover your need. Your Lifespan Financial Adviser will be able to assist in formulating a personal insurance plan which is tailored to your personal needs taking into account lifestyles issues, your cash flow requirements and your existing asset base.


The material provided in this document is provided for information only and constitutes general financial product advice. It does not take into account your personal financial situation, objectives and needs. Consequently before acting upon the information in this brochure you should consider its appropriateness to your financial situation, objectives and needs.



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