131173
Personal Insurance
- Life/Death
- A predetermined lump sum to be
paid out to the beneficiaries of the
insured's death.
- Financially covers the retirement of
any debt at the time of death, covers
any family members for income
generation or life style continuation
- The older a person gets, the less need for
death cover through natural cause or
misadventure - this is because generally; the
older a person gets, the less debt they will have
- Calculation - Retire debt, provide for future events
(education and lifestyle), cost of funeral cover,
legal costs, final medical cost, any additional
items LESS existing cover, existing savings
(including super), saleable assets
- A predetermined lump sum to be
paid out to the beneficiaries of the
insured's death.
- Income Protection
- Covers an insured's
income in the event they are
unable to work due to
accident or illness
- Calculation:- 75% of the
insured's annual gross income
paid out in monthly installments'
PAYG
- One who does not work more than
20 hours per week is unable to
obtain income protection
- A self employed person payment is based upon
2 years of tax returns- under two years classified
as 'new in business' and is provided with a
clause inserted
- waiting period usually 30 days,
this will pay up to the age
provided by the policy - the
default age is ususally 64
- Tax deductible
- FV = PV(1+i)^n
up until the age
of 65 i = infation
- Covers an insured's
income in the event they are
unable to work due to
accident or illness
- Trauma
- A pre determined lump
sum paid in the event of a
designated medical
trauma
- Covers any medical costs, home,
renovations, ongoing medical
treatment as a result of the trauma,
child and domestic support,
retirement of debt, continuation of
family lifestyle LESS Savings &
Income support (Centrelink)
- This does not cover accident injuries (generally)
however, some policies will provide partial payments in
the event of incapacitation through accident
- Must survive the waiting
period which is written in
the policy a default period
of 21 days
- A pre determined lump
sum paid in the event of a
designated medical
trauma
- TPD
- A predetermined lump sum where the insured
is totally and permanently incapacitated
through illness or injury and can not work in
either their 'own' or 'any' occupation -
depending on the policy
- Any Occupation
- If you have been absent from employment
due to a particular condition (which has
remained the same) or any sickness or injury
which has remained the same for approx 3
months consecutively. Here you must not be
able to complete ANY occupation, have had
regular appointments and advice regarding
this condition from a medical practitioner, and
are likely to be disabled for life, then you are
credible to receive a TPD payout.
- If you have been absent from employment
due to a particular condition (which has
remained the same) or any sickness or injury
which has remained the same for approx 3
months consecutively. Here you must not be
able to complete ANY occupation, have had
regular appointments and advice regarding
this condition from a medical practitioner, and
are likely to be disabled for life, then you are
credible to receive a TPD payout.
- Own occupation
- If you have been absent from your OWN occupation due to a particular
condition (which has remained the same) or any sickness or injury which
has remained the same for approx 3 months consecutively. You continue
to become absent from your own occupation as you are incapacitated are
are not likely to ever engage in your own occupation ever again. You must
also be receiving regular advice from a medical practitioner. Here you are
likely to receive a TPD payment.
- If you have been absent from your OWN occupation due to a particular
condition (which has remained the same) or any sickness or injury which
has remained the same for approx 3 months consecutively. You continue
to become absent from your own occupation as you are incapacitated are
are not likely to ever engage in your own occupation ever again. You must
also be receiving regular advice from a medical practitioner. Here you are
likely to receive a TPD payment.
- Calculation:- usually mirrors death cover
although adds - retire debt, alterations to the
house, ongoing medical costs, child support
domestic support.
- A predetermined lump sum where the insured
is totally and permanently incapacitated
through illness or injury and can not work in
either their 'own' or 'any' occupation -
depending on the policy
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