Insurance

Income Protection Insurance

Income protection insurance, also known as salary continuation insurance, is designed to replace lost wages if you are incapable of finding employment due to an injury or illness. In general, it supports you for a prespecified and agreed-upon benefit period. This type of insurance can guarantee payment of up to 75% of your income.

There are various factors to consider, including where to own the policy, choosing a waiting period and a compensation payment period, and evaluating whether a stepped premium level is best for you.

Life Insurance

Life insurance is critical to securing your financial future. Insurance benefits can help repay debts, cover future needs like the cost of children’s education or long-term care, provide funds for investment to generate an income, or keep your business afloat. Moreover, it can be purchased inside and outside your superannuation fund, with separate tax and other ramifications.

Total and Permanent Disability Insurance

If you are unable to work for the rest of your life due to an illness or injury, the Total and Permanent Disability (TPD) policy will pay you a lump sum. However, where there is already sufficient income security to guarantee debt-free living, the mandatory TPD coverage may be reduced.

There are two broad classifications of Total and Permanent Disability (TPD):

Any occupation: You may claim compensation if you are permanently disabled and unable to work in any profession for which you are qualified through education, training, or experience.

Own occupation: You can claim this if you find yourself unable to work in your usual or preferred career field.

Any occupation is frequently the least costly solution. However, having to meet the requirements of this type of disability description can be more challenging.

Critical Illness Insurance

Critical illness insurance, popular as trauma insurance, reimburses an entire amount if the life insured suffers from a “critical situation” as defined by the insurance provider. Critical illness insurance is designed to help you recover financially from a trauma or crisis, such as a heart attack, stroke, cancer, or other life-threatening condition. Cancer claims are the most prevalent, and the amount of coverage can also include funding for specialist medical assistance and access to costly non-PBS medications. It is critical insurance, particularly for non-working spouses.

Business Insurance

Specialised insurance for business owners is available, and we highly advise that all stakeholders in a start-up firm consider insuring themselves as a business asset, including:

Ownership protection pays you or your estate the “equitable value of the business share” in the case of serious health or life event.

Asset protection assures you and your business partners that all loan guarantees are extinguished for all business-related debts.

The revenue policy protects cash flow for business continuity if the primary revenue generator suffers a health or life-related event.

A legal and binding agreement should be in place as a component of the process so that all related parties know what will happen if one of the business partners endures a health incident.

This is a highly specialised branch of health coverage. However, we at Trinity Advice can help you determine the best type and level of coverage for your business.