Income Insurance

Income protection insurance is one of the most relevant types of cover for professionals – including the self-employed. It can replace up to 75% of your income over a specified time, if you can't work because of sickness or injury.

If you fall seriously ill or have an accident which puts you off work for an extended time period, income protection insurance covers most or all of your financial commitments during that period. It also helps ensure you don't need to dig in to your savings to fund your daily living costs.

Life Insurance

If you were to die, life insurance gives you family an income and also offsets debt which helps during the grieving period.

For people with young children, extra money is often needed for their care, after school care and for domestic help. With this in mind, life insurance is very important for sole parents in particular. It gives loved ones comfort knowing they will be financially looked after in the event of your death.

Total and Permanent Disability Insurance (TPD)

This type of insurance is often seen as an add on to life insurance. TPD offers a lump sum payment to anyone who suffers an accident or certain illness that means they are unable to work in the same capacity they have done in the past. It also covers people who become permanently disabled in relation to being able to work in their usual occupation.

Trauma Insurance

This type of insurance protects you and your family members financially in the event of disability or a serious illness. And with some policies a full or partial payment can also be paid on death.

Now that medical advances mean more people are surviving serious illnesses, Trauma Insurance is becoming increasingly popular and it is often combined with life insurance into one cover.

Business Insurance

This is vital for anyone operating their own business, or anyone who is in partnership. Business insurance incorporates life, trauma and income protection insurance.

It protects your business, your personal assets and your income being eroded while the main income producer is injured or suffering from an illness. It's also very important to ensure that the way it is set up including ownership and beneficiaries be structured correctly so as to cater for operational issues that occur in your business.

So if you run a business, you can combine these two types of policies to cover your work and personal expenses. And potentially reduce your tax bill.