Insurance

Income Protection, Business Expenses,
Life, Trauma and Total and Permanent Disability Insurance.

Austbrokers Phlilips can provide options for a comprehensive range of polices relating to income protection, business expenses, life, trauma and total and permanent disability insurance.

Life Insurance:

• Provides a lump sum payment on death or terminal illness of the life insured
• Payment is made to the legal owner of the policy, who need not have any relationship to the life insured. For example, the policyholder can be the spouse, a business partner, an employer or the life insured
  
• Upon death of the insured, the lump sum is paid to the policy-owner or the insured's estate and can be used in any way chosen

Trauma Insurance

• Trauma insurance provides financial protection to you and your dependents, should you experience a defined trauma event, by making a one-off payment to you. For example, an injury or a defined medical condition
  
• The sum insured is usually lower than for Life insurance, since its usual purpose is to avoid financial stress during the recuperation period and possible life changes post this event, for example, the payment will help you with specialist medical attention, home modifications or general living expenses.

Total & Permanent Disability (TPD)

• TPD provides financial protection to you and your dependents, in the event that you become permanently disabled through injury or sickness and are unable to work in your own or any occupation for which you are suited by training, education or experience
  
• A lump sum benefit is paid if the insured is disabled as defined in the policy

Income Protection

• Income protection insurance can provide financial protection to you and your dependents by making an ongoing monthly payment to you should you, as a result of a medical condition or accident, be unable to work
  
• This option pays up to 75% of your annual average income, in monthly benefits, to cover your expenses if you are unable to work
  
• You will need to choose a waiting period (how long before your benefit starts to accrue) and a benefit period (how long your benefit will be paid). For example, you might like just to cover the period after your accumulated sick leave and long service leave would be depleted
• Unlike TPD, your disablement does not need to be total and permanent
  
• To apply for this type of policy you need to be working at the time and you can only insure up to 75 per cent of your earnings