Types of Life Insurance

People often get confused, because there are a number of types of life insurance available in the market. A life insurance is both a product, and a class of product. The following lists the all the types of life insurance available in the market.

Term Life Insurance: provides a lump sum payment in the event of death and is designed to protect your family. Additional information can be found about:

Total and Permanent Disablement Insurance (TPD Cover): often people take the same level of TPD cover as life cover. However this may not always be required, especially where income protection is established. Further information can be found:

Trauma Insurance: typically people establish between $50,000 and $200,000 cover depending on their situation. This ensures that if a trauma is suffered the lump payment will meet all costs associated with the trauma and provide temporary financial relief. All you need to know about trauma insurance can be found here:

Income Protection: ideally everyone establishes income protection, as it is your key asset. The variables are the waiting period and benefit period. The waiting period should be extended to as long as possible to match with your financial position, such as sick, and long service leave. Income protection should not be viewed as protection for short term illness. It should be viewed as providing cover for an extended inability to work.

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