Personal Insurances
Age, health, and marital status are ultimately irrelevant when it comes to buying life insurance. Almost everyone needs it because none of us are invincible or psychic. Life insurance is about protecting what’s important and taking care of those we leave behind.
We understand that discussing life insurance can be uncomfortable, as it raises thoughts about terminal illness, accidents, injury, and death. However, ensuring our loved ones are looked after is essential, and having the right wealth protection strategies in place is a core component of the financial planning process.
At Life Financial Planners, we prioritise implementing effective income protection strategies as a fundamental aspect of our financial planning. We believe in a comprehensive approach to reviewing your life insurance needs to ensure that you and your family are fully protected during life’s unexpected moments.
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Many people are unaware of the importance of life insurance and the different types available. The most common types of life insurance in Perth and throughout Australia are:
- Term Life Insurance: Pays a lump sum to your estate or beneficiaries in the event of your death or, in some cases, terminal illness. This can be held in your super fund to make premiums more affordable. It will not impact your day to day cash flow.
- Total and Permanent Disability Insurance (TPD): Pays a lump sum if you suffer an illness or injury that prevents you from working again, caring for yourself independently, or if you suffer significant or permanent cognitive impairment.
- Trauma Insurance: Pays a lump sum upon the diagnosis of a specified illness or injury, such as cancer, stroke, or heart attack.
- Income Protection Insurance: Provides a monthly benefit to replace lost income if you cannot work for an extended period due to sickness or an accident. This type of insurance is particularly important for those seeking income protection in Perth.
The decisions you make today about life insurance will have a real impact on your future. At Life Financial Planners, we help you protect what matters most and secure your family’s financial security with confidence.
Ready to discuss personalised insurance advice or tailored income protection strategies? Reach out to Marijana or Mei at our West Perth office by calling 08 9322 1882.
Whether you need guidance on your Life Insurance in Perth or exploring other income protection strategies, we are here to assist you.
Frequently Asked Questions
What types of personal insurance do I need?
Everyone’s circumstances are unique, and the types of personal insurance you need will depend on your specific situation. At Life Financial Planners, we can help you choose a personalised strategy.
Can I review and adjust my insurance coverage over time?
Yes, you can and should review and adjust your insurance coverage over time. Your financial situation and needs will change, so it’s important to ensure your insurance coverage remains appropriate. Here are some key points to consider:
- Life Changes
- Financial Goals
- Market Conditions
- Policy Reviews
At Life Financial Planners we review our client’s situation every few years to ensure the level and type of cover is appropriate.
How much insurance coverage do I need?
Determining the right amount of insurance coverage depends on your personal circumstances and financial goals.
To tailor the amount of coverage to your specific needs, we recommend a detailed review of your financial situation and goals.
At Life Financial Planners, we’re here to help you assess your needs and choose the right amount of insurance coverage to ensure peace of mind for you and your family.
We do a full analysis of you and your family’s needs to ensure that if you are gone or no longer able to work that your family’s lifestyle will not be compromised.
PHONE 08 9322 1882