Why do I need Insurance?
Life Insurance Explained Simply. How do the different life Insurance Products work together
1- You Suffer An Illness Or Injury
Income Protection or Trauma Cover will help cover immediate expenses including medical costs
2- You Don’t Recover Within Six Months
Income Protection with a 2-year or 5-year benefit period will replace income in the near term.
3- Your Illness Or Injury Become Permanent
TPD Cover plus Income Protection cover to age 65 will pay off debts and replace income long term
4- You Die Or Become Terminally Ill
Death or term life cover will provide a lump sum to your beneficiaries to maintain their standard of living
What are you trying to cover for?
Health Statistics show why there is need to be insured
It’s easy to say it won’t happen to me. But each year thousands of Australians are injured, suffer a serious illness or die unexpectedly. Statistics from the Australian Institute of Health and Welfare show that 1 in 3 men and 1 in 5 women die before the age of 70.
We also have health statistics from the following reliable sources:
- 134,000 new cases of cancer will be diagnosed in Australia in 2018, rising to 150,000 by 2020
- 1 in 2 Australian men and women will be diagnosed with cancer by the age of 85
- Stroke is one of Australia’s biggest killers and a leading cause of disability
- Stroke kills more women than breast cancer and more men than prostate cancer
- In 2017 there were over 56,000 new and recurrent stokes – that is one every nine minutes
- Around 30% of stroke survivors are of working age under the age of 65
- 65% of stroke survivors suffer a disability which impedes their ability to carry out daily living activities unassisted
- Heart Disease kills one Australian every 30 minutes
- Each year, around 54,000 Australians suffer a heart attack – equating to one every 10 minutes
- More than 100,000 Australians who have had a heart attack are under the age of 65
- One in six Australians are affected by cardiovascular disease, accounting for more than 4.2 million Australians.
- Currently an estimated 250 people are joining the population with dementia each day.
- The number of new cases of dementia will increase to 318 people per day by 2025 and more than 650 people by 2056.
- Dementia is the second leading cause of death of Australians, contributing to 5.4% of all male deaths and 10.6% of females.
- One in six Australians is currently experiencing depression or anxiety or both
- One quarter of Australians will experience an anxiety condition in their lifetime
How would your family cope?
The loss of family income and increased medical costs may force the sale of the family home, the sale of other assets or the running down of savings. Your hopes of giving your children the right start in life may be dashed. Your family may no longer be able to afford life’s little luxuries. Insurance can help you to protect against such a scenario.
We provide some case studies based on real life situations for the young and single, married without children, married with children and older couples approaching retirement.
If you were sick or injured or died unexpectedly would your family be able to afford:
How can life insurance policies help you?
When should you consider whether you need insurance?
Any time is a good time to review your personal situation.
You should review your insurance needs regularly to take account of changes in your circumstances. Use our Life Insurance Calculator to estimate your insurance requirements.