While pure life insurance is straightforward, the other personal insurances may differ significantly from policy to policy. Definitions of diseases may vary. There may be a range of optional extras – some valuable, others more of a gimmick. With TPD insurance, you may have the choice of ‘own occupation’ or ‘any occupation’. Insurance companies vary in the speed with which they process claims, and beyond that is the question of which insurances should be held via a superannuation fund and which should be held directly.
All this complexity means that selecting the best insurance cover is best done with the help of an experienced financial planner.
More than one third of Australian families have no life insurance cover. Many more are under-insured, even though the financial impact of not being adequately insured can be severe.
Put your mind at rest. If you have any concerns about the level of protection provided by your current personal insurance policies talk to your adviser today.