StockSnap_JY874BSKKC

Insurance

How would you or your family meet your loan repayments if you lost your jobs, suffered a serious illness or even passed away?

Would you use up your savings? Ask family or friends to help out? The grief experienced by family for loved ones suffering is often compounded by the costs associated with treatments forcing some to sell the family home to pay for extra time.

We take our responsibility as a mortgage broker very seriously. This extends beyond helping you find the right loan – we also want to make sure you understand how you should be protecting yourself so if something does happen, you can meet all of your financial obligations.  Ask your Savings Centre broker for more information.

Note: The Savings Centre is a no advice insurance provider.   

Different types of Life Insurance include

Life Cover

Life cover is also known as term life insurance or death cover. It pays a set amount of money when the insured person dies. The money will go to the people you nominate as beneficiaries on your policy.

Total and Permanent Disability Insurance

Total and permanent disability (TPD) insurance provides cover if you are totally and permanently disabled. Insurers will define TPD as either when you:

  • You can’t work again in any occupation, or
  • You can’t work in your usual occupation

TPD insurance helps cover the costs of rehabilitation, debt repayments and the future cost of living.  Different insurers have different definitions of what is and isn’t considered to be totally and permanently disabled, so do your research and ask the right questions.

Income Protection

Income protection insurance replaces the income lost through your inability to work due to injury or sickness. It is an important consideration for anyone who relies on an income. It is especially suitable for self-employed people, small business owners or professionals whose business relies heavily on their ability to work.

Trauma Cover

Trauma insurance provides cover if you are diagnosed with a specified illness or injury. These policies include the major illnesses or injuries that will make a significant impact on a person’s life, such as cancer or a stroke.

Trauma insurance pays a set amount. This can be used for things like:

  • Any private medical costs above your health insurance
  • An income stream if you stop working, but find out about income protection first
  • The ongoing cost of any therapy and special transport costs
  • Adjustments to housing and lifestyle changes
  • Debt repayments

Have a mortgage and need insurance?