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There are five main types of insurance products that you should be aware of. Understanding what is available is the first step in working out what cover is right for you.
The table below gives a brief description of each insurance product.
| Type of Cover |
What does it do?
|
Life cover
|
Also called "life insurance" or "term life". Pays your beneficiaries a lump sum when you die or become terminally ill. |
Total and permanent disablement (TPD)
|
Pays a lump sum if you become totally and permanently disabled.
|
| Trauma |
Also called "recovery insurance". Pays a lump sum if you are diagnosed with either a serious illness such as cancer, heart attack, stroke, or undergo major surgery such as coronary artery bypass.
Children's trauma cover is also available, which pays a lump sum if your child suffers a serious medical condition.
|
Income Protection
|
Provides an ongoing monthly payment of upto 80% of your pre-tax income if you are temporarily unable to work due to illness or injury. |
Business Expenses
|
Reimburses business owners on a monthly basis to cover fixed business costs (such as rent, staff wages and electricity) if you are temporarily unable to work due to illness or injury. |
When considering personal needs of insurance your existing level of cover may not be adequate. Your requirements can change regularly based on a number of factors such as relationships, family and children, occupation and more - are you confident your cover is sufficient if something was to happen to you?
This is where Prominent can help
With the help and advice of Andrew Hentschke, you can develop a comprehensive  Risk management plan and decide how much is enough to protect you an your family's lifestyle, dreams and financial future.
For further information, please contact our office on 08 8419 3000, or organise to speak with Andrew Hentschke for an obligation and cost free appointment to discuss your insurance needs.
*Source Asteron Life Limited
IMPORTANT INFORMATION:
To the extent permitted by law, no liability is accepted for loss or damage as a result of reliance on this information.
The investment information or general advice provided in this publication does not take into account your personal objectives, financial situation or needs and because of that, you should consider the appropriateness of the information or advice having regard to these factors.
In deciding whether to acquire, or continue to hold, a financial product, you should consider the relevant Product Disclosure Statement for that product. Copies can be obtained from your financial adviser.
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