When you start thinking about personal insurances and begin shopping around, you may discover that there are essentially hundreds of insurance providers in Australia, with various products. Your task then becomes more complicated and difficult. It’s not surprising that Australia holds a place in the list of the most uninsured countries among developed nations.
At Jeffrey P Whitton & Associates, we provide peace of mind for you and your family now and for the future. We specialise in assisting individuals, business owners, partnerships and companies in the design and implementation of tailored Risk Insurance Programs to suite their individual needs and financial budget. We work with you to plan and achieve your financial goals and making the process of obtaining personal insurance less complicated and easier to manage.
Life Insurance
Protects your family and loved ones by providing them with money to carry on after your death and maintain the lifestyle you would wish them to have without financial difficulties.
Life insurance pays a lump sum benefit to your beneficiaries when you die or suffer a terminal illness where death is likely to occur within 12 months. Hence, you can say that life insurance gives you peace of mind knowing your family is financially protected no matter what happens to you. It might not cover for all their financial needs, but it would be enough to ease up the load.
Life insurance can also do the following:
- Pay your family back for whatever funeral costs
- Help pay mortgage and other financial obligations that you might leave behind
- Look after your estate planning needs
- Provide income for your spouse
- Cover other extra expenses your family might have
Total and Permanent Disability Insurance (TPD)
TPD insurance can provide you with a lump sum payment in the event that you are unable ever to return to work as a result of a sickness, accident or injury. It enables you to rearrange your life financially, perhaps pay off a mortgage, medical expenses and when combined with Income Protection can protect your lifestyle into the future.
The definition of TPD varies from depending of the product, insurance policy and insurer. However, TPD is generally defined as being unable to work in an occupation or perform a type of occupation for which you have been trained for, received an education in, or gained experience from.
TPD insurance can be helpful to you in the following ways:
- Helps you pay off expenses incurred by the disability such as nursing care.
- Helps you with the expenses when you have to change your lifestyle due to the disability like renovating your home to fit your current needs and lifestyle.
- Give you an alternate source of income if your partner had to quit work to attend to you.
- Total and permanent disability insurance saves you from emotional and financial stress your family would go through if you became disabled.
Trauma Insurance
Trauma Insurance pays you a lump sum benefit if you have been diagnosed with a critical illness, such as heart diseases, cancer, or stroke. It also goes by another name, Critical Illness insurance. Please note that the definition of trauma/critical illness insurance may vary between each insurance provider.
Thinking of being ill seems gloomy. But it is better to be prepared because sickness sometimes comes knocking on your door unexpectedly – a situation which you don’t want to find yourself in. It might even be worse if you are financially unprepared. But having trauma insurance spares you from all these kinds of trouble.
Receiving a lump sum payment can assist you to:
- Cover medical expenses allowing you to choose the best treatment available
- Pay for medical equipment and rehabilitation costs
- Pay your bills and other expenses without causing additional financial stress to your family.
- Give you and your spouse a choice to stop working in case you needed to be taken care of.
Income Protection
This type of insurance is designed to provide you with a regular income stream while you are unable to work due to sickness or accident through to the age of 65 or 70. You can generally insure for up to 75% of your gross earned income. There are a number of options available relating to waiting periods and benefit periods. We can work with you to obtain the right type of Income Protection cover that will suit your individual needs.
Information on this site may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.
