The insurance industry has evolved significantly over the last twenty years. As a result, there are an abundance of options available when it comes to Personal ‘Risk’ Insurance. It is essential that a Specialist Adviser understands your specific circumstances and requirements so that an appropriate and informed recommendation can be made.Insurers offer a range of cover types (following an application) and the premium is based on your age, occupation, gender, health and lifestyle.
How Much Insurance do you need?
This is one of the many ways we can assist you: following a thorough analysis of your current circumstances, needs and objectives we will be able to recommend the levels of insurances which are appropriate to you.
Ways of Protecting your Family
Most people in Australia would not drive their car without obtaining motor vehicle insurance, or live on uninsured premises, which is wise. The same principle should apply to yet more precious assets: Life and Lifestyle, Wealth and Income.
We can help you to put in place the forms of protection you need and you can afford to have.
Below is a summary of the 4 key insurance products we specialise in at Peter Howard Insurances Pty Ltd.
This cover pays a lump sum benefit to your nominated beneficiary in the event of your death or diagnosis of a terminal illness. This insurance is specifically designed to provide comfort and wellbeing for the surviving family members covering existing debt, loss of projected income, children’s education (if applicable) and ongoing living expenses.
In order to determine the appropriate level of cover required, you will complete a detailed ‘Needs Analysis’ with the help of one of our Advisers.
There are ‘ownership’ options available when you apply for this form of insurance.
- Death Cover can be ‘self’ owned. In this case the benefit is payable directly to your estate or the Nominated Beneficiary/ies.
- The Policy Owner can also be a superannuation fund (including a Self Managed Super Fund), Trustee of a family trust or Company. The benefit in this case is therefore payable to the Superannuation Fund, Trustee or Company. Tax deductions may be available when the insurance is owned in this format.
This cover pays a lump sum benefit if you suffer Total and Permanent Disablement as a result of sickness or injury. This form of insurance can be tailored to your specific needs / budget. The most common types of TPD cover offered are ‘Any Occupation’ and ‘Own Occupation’, however some insurers offer other alternatives. It is therefore important that your Adviser assesses which is the most appropriate protection for you.
Depending on the type of cover, this is available inside and outside superannuation.
This form of protection pays a lump sum benefit if you are diagnosed or suffer a critical illness or accident, as defined by the insurer. One of the greatest benefits of this insurance is that you do not need to be permanently disabled to qualify for a claim (as opposed to TPD).
Trauma / Critical Illness Cover was primarily designed to assist with the financial burden of expensive medical treatments / therapies, adjustments to the home, in-house nursing care etc., following a critical illness or accident. In many cases, having this type of protection means being able to access better (or the best) medical treatments or care available. Allowing you to focus on recovery rather than the bills.
This is one of the most effective ways to protect your livelihood if you become temporarily unable to work due to illness or accident. This form of insurance can be tailored to suit your personal needs and budget. There are many ‘options and benefits’ available which ultimately determine the overall cost of the cover, and the level of protection you obtain. For example, you can nominate short / long waiting periods and benefit periods to best support your personal situation.
You can normally insure up to 75% of your income. Income protection is tax deductible.
In the event of a claim, the insurer will pay a Monthly Benefit for as long as you are totally or partially disabled up until the end of your nominated Benefit Period (typically Age 65).
This cover is designed to assist business owners to ensure that their ongoing business expenses are met if they are unable to work due to illness or accident. The sum insured is based on the cost of the ongoing expenses, such as payroll, lease of the office or equipment, superannuation, etc.