The main insurance types to understand and consider:
Pays a benefit to your dependants, estate, or legal beneficiaries if you die.
Advantages - Helps to ease financial stress on your loved ones by paying money in a lump sum should the unexpected happen to you.
Pays a benefit if you’re unable to ever work again due to injury of illness.
Advantages - Helps by paying money in a lump sum which you can use to cover the costs of care, rehabilitation, loan repayments and future costs involved with day-to-day living expenses.
Pays a benefit if you’re medically certified as likely to die within 24 months—applies if you have either life cover or TPD.
Advantages - Helps to ease some of the financial stress on your loved ones by providing money in a lump sum which you can use to help with medical treatment and future support for your family.
Pays a replacement income, typically a percentage of your income, if you’re temporarily unable to work due to illness or injury. You can generally only claim on one SCI policy so you should check if you have other SCI cover elsewhere.
Advantages - Helps if you become injured or ill (at or outside of work) and can’t work temporarily. It provides temporary payments to assist you to meet your day-to-day living expenses while you’re not earning an income.