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30th October 2023 - Private Wealth
Halloween can be a spooky time of year. Especially if you don’t have the right personal insurance.
To help you choose the right cover, we’ve put together a quick guide on the different types of personal insurance you might want to consider.
If you want to protect your family from financial difficulty when you die, you might want to consider what is often called ‘term life insurance’ or ‘death cover.’ The money will go to the people you nominate as beneficiaries on your policy.
TPD (Total and Permanent Disability) Cover is often sold with life cover. TPD pays a lump sum to help with rehabilitation and living expenses if you are totally and permanently disabled.
Being diagnosed with cancer or suffering a stroke isn’t just a physical and emotional challenge. It can create financial stress too. That’s where this kind of insurance can help. You may have also heard this type of cover referred to as ‘critical illness cover’ or ‘recovery insurance’.
When you have to stop working due to injury or sickness, the bills don’t stop. That’s why income protection can be a good option. This type of cover can replace some of your income when you are unable to work.
If your death is as the direct result of an accident, i.e. not from an illness or disease, this cover pays a set benefit. These sorts of policies often exclude a number of circumstances, e.g. drug use, self-harm and dangerous activities.
You may have some life insurance cover through your super. But is it enough? If you’re not sure, it could be worth having a chat to an adviser who can review your cover and see if it’s aligned with your goals. It’s important to not only build wealth, but also protect it from an unfortunate change of circumstances in the future.
If you’d like to talk to one of the specialist wealth protection advisers at Elston, email us or call 1300 ELSTON.
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any person’s individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances, alternatively seek professional advice. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product. You will find further details of the service we provide and any cost to you within the Financial Services Guide. Any references to past investment performance are not an indication of future investment returns. Prepared by EP Financial Service Pty Ltd ABN 52 130 772 495 AFSL 325 252 (“Elston”). Although every effort has been made to verify the accuracy of the information contained in this material, Elston, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or indirectly through relying on this information.
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