You’re working hard to take care of your family now – so it makes sense that you’ve already put a financial safety net in place that will protect them if you’re no longer able to provide for them in the same way, by taking out your current life insurance policy.

Insurance can make all the difference – it can help safeguard your loved ones from financial hardship if you become ill or injured, or if you pass away, giving you peace of mind that they’ll always be looked after.

How it works

You pay a premium to your insurance provider on a regular basis – for example, fortnightly, monthly, or yearly. The amount of this premium payment depends on many factors including your age, health, level of cover and even the premium structure you choose.

If you become terminally ill or pass away, then your nominated beneficiaries will receive a lump sum benefit from your insurance policy. They can use this money in any way they need – such as covering funeral costs, paying off your mortgage and keeping up with living expenses.

If you’re temporarily or permanently unable to work because of an illness, disability or injury, you may be able to claim on a lump sum benefit or ongoing financial support (depending on the type of cover). You can use this money to replace your lost income and cover any medical and rehabilitation expenses.

Types of cover

Different insurance policies offer different types of cover, which you might consider depending on your circumstances. Please check your current policy for the cover type that you currently hold. Here are the four main types of cover that may be available:

Death and terminal illness cover

Your beneficiaries can receive a lump sum benefit if you pass away or are diagnosed with a terminal illness.

Total and Permanent Disability (TPD) cover

You can receive a lump sum benefit if you become totally and permanent disabled and are unable to work.

Trauma cover

You can receive a lump sum benefit if you are diagnosed with a certain illness, as defined by the policy, such as cancer or a stroke.

Income Protection cover

You can receive financial support if you become temporarily unable to work due to injury or illness by replacing up to 75% of your income during this time.

How much is enough?

According to Rice Warner’s 2017 report, Underinsurance in Australia, when it comes to life cover Australians are underinsured to the tune of almost $5 billion.i

We can help you calculate how much you and your family will need to maintain your current lifestyle, based on a range of factors including:

  • your mortgage and other debts
  • the income you currently provide
  • funeral expenses and legal costs
  • the ages of your partner or spouse and your children.

Because your circumstances change over time, it’s a good idea to review your insurance regularly as well as when a major event occurs – for example, if you get married or start a family.

Insurance takes care of you when you need it most. Earn yours and let us protect it. Contact us at 08 82314709 or at

i Rice Warner, Underinsurance in Australia, 2017.

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Zac Zacharia (Managing Director) has been assisting clients to create wealth and secure their futures for over 14 years.

He is also an accomplished presenter and educator

Co-authoring the popular investment book, Property vs Shares.