Wealth Protection
financially-secure

Death, TPD, & Trauma

Will my family be financially secure if I’m not around?

Securing your family’s financial future in the event of your untimely death or permanent disability is the cornerstone of every well developed financial plan.

Banksia Partners can provide sound advice on the appropriate levels of Life insurance protection you need for your particular situation. Banksia Partners is not aligned to any specific insurance company so we can advise on the full range of Life insurance, Disability & and Critical care insurance products available across the market based on the best policy conditions and competitive pricing.

In today’s complex world it is more important than ever to ensure you and your family are not exposed to financial hardship due to an unforseen event. Call us to discuss what needs to be done to limit your family’s financial risk.

There are three life insurance options that could really make a difference in the event of sickness, disability, or death.

The annual insurance cost (or ‘premiums’) you pay will be determined by your age, gender, smoking status, and the level of cover and options selected. You maybe further medically assessed if you have pre-existing medical conditions or make lifestyle choices that increase the risk of claiming. The good thing about the cost of life insurance is that it’s cheap when you need it (young family & financial commitments) and expensive when you don’t (grown children & financially secure)!

Life insurance (or ‘Term’ insurance as it is more accurately called) provides a lump sum payment to help your beneficiaries financially if you die or become terminally ill.

Total and Permanent Disablement (TPD) insurance provides a lump sum payment if you become so seriously disabled that you are unable to maintain your quality of life. Such events as loss of limbs, loss of sight, or ongoing debilitating deceases such as emphysema, etc. would be classified as meeting the definition of permanent disability. The lump sum payment made is a ‘one off’ payment to compensate for the loss of future income, provide appropriate future accommodation arrangements, meet higher care and daily cost of living expenses, , etc.

Trauma Insurance provides a lump sum payment in the event you are diagnosed with a specified illness (can be up to as many as 45 major illnesses – depending on the insurer) including things like heart attack, stroke, cancer, and so forth.

The objective of Trauma cover is to give you money when you need it most. An example of this is if you were to suffer from cancer and were off work for an extended period. Term insurance will not apply (because you haven’t died) and TPD insurance will not apply (because one day you will presumably return to work). Trauma insurance is the most expensive form of personal insurance cover because it is the one that’s most claimed upon!

To discuss your specific requirements or to obtain a quote on cover for Term, TPD, or Trauma insurance speak to a Banksia Partners adviser who can advise you after taking into consideration your objectives, financial situation and needs.