Protecting You and Your Loved Ones
Life insurance is a proven strategy to ensure that you and your loved ones are prepared for life’s unexpected emergencies.
There are different types of life insurance ranging from life cover, total and permanent disability cover, trauma cover and income protection.
Depending on your circumstances, you may need only one cover or a number of different covers. But how do you decide what is best for your circumstances?
That’s where we come in. Our licensed financial advisors can help you determine how much money your loved ones would have if you were to die or become disabled.
We assess how much money you have in superannuation, shares, savings, existing insurance policies, and paid leave. We also look at the support your family could provide. You may also be entitled to government benefits or workers compensation if you get injured.
Then we evaluate how much money your family would need if the worst were to happen. By understanding the gap between what you have and what you would need, we can recommend the right level of cover and find a more suitable and affordable option for you.
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Understanding Life Insurance
You can choose from a range of life insurance covers.
Life cover (or ‘term life insurance’ or ‘death cover’) pays a set amount of money when you die. The money will go to the people you nominate as beneficiaries on your policy.
Total and permanent disability (TPD) cover pays a lump sum to assist with rehabilitation and living costs if you are totally and permanently disabled. TPD is often bundled with life cover.
Trauma cover provides cover if you are diagnosed with a specified illness or injury. These policies include the major illnesses or injuries that will make a significant impact on your life, such as cancer or a stroke. It is sometimes called ‘critical illness cover’ or ‘recovery insurance’.
Income protection replaces the income lost through your inability to work due to injury or sickness.
Key Insight
Ensuring you have the right level of cover and the right policy is not as easy as it sounds. That’s why you need an experienced licensed financial advisor to assist you. Better Path can help you make the right decision to ensure you are properly protected for the unexpected.
Disclaimer
General Advice Warning:
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 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. Hypothetical scenarios are based on assumptions and are not guarantee of any outcome in the future. 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.
Better Path Financial Planning Pty Ltd is a Corporate Authorised Representative (No. 001265505) of IPraxis Pty Ltd (ABN 39 114 365 007), which is the owner of Australian Financial Service License No: 329337.
Other Advice Warning:
Before acting on any of the information presented here, please seek professional financial advice.