What is Trauma Insurance?

By insurancefocus,

Trauma insurance pays you a lump sum on the diagnosis of a specified non-pre-existing illness or injury, generally including heart attack, stroke, cancer, and paraplegia. Trauma insurance was created when it was realised that medical advances were resulting in patients increasingly surviving major health problems, but that the financial cost of survival was prohibitively high
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What is Total & Permanent Disability Insurance?

By insurancefocus,

Total & Permanent Disability (TPD) insurance pays a lump sum on the insured becoming permanently disabled due to illness or accident. Most families are carrying significant financial risk should the unexpected happen. The big question you have to ask yourself is: ‘Would your family be able to maintain their lifestyle if you could no longer
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What is the meaning of common risk insurance terms?

By insurancefocus,

Personal risk insurance, or life insurance, provides a financial benefit in the event of you suffering a serious injury or illness, or on death. The following glossary of terms has been provided to assist with building your understanding of the common terms and phrases that may be an important aspect of any recommendations made by
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What is Life Insurance?

By insurancefocus,

Life insurance pays a lump sum on the death of the insured, and in some cases earlier if the life insured is diagnosed with a terminal illness. The payout can be used for any purpose – typically it is used by beneficiaries to pay off debt, pay for funeral costs and look after the children’s
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What is Key Person Insurance?

By insurancefocus,

Key person insurance is taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business. The insurance payout is a lump sum and is used to offset the costs (such as recruiting a successor) and losses (such as
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What is Income Protection Insurance?

By insurancefocus,

This insurance is designed to replace your income if you are unable to work due to sickness or injury. It provides a monthly payment of usually up to 75% of your pre-tax income. Its purpose is to provide you with a regular income to help you cover your living expenses so you can focus on
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What is Buy/Sell Insurance?

By insurancefocus,

Buy/Sell insurance pays a lump sum if you or one of your partners dies or suffers a serious illness or injury and are unable to stay in the business. The payout helps ensure that the remaining owners can acquire the departing owner’s share and continue running the business. It should also help ensure that the
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What is Business Expenses Insurance?

By insurancefocus,

Business expenses insurance pays a monthly benefit – generally for a maximum of one year – to cover fixed business costs if the business owner suffers an illness or injury and is unable to work. This means that the business’ bills can continue to be paid – and the business can stay afloat – without
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What is Personal Risk Insurance?

By insurancefocus,

Personal risk insurances provide a financial benefit in the event of you suffering a serious injury or illness, or death. They include term life insurance, total & permanent disablement insurance, income protection insurance, and trauma insurance. What is life insurance? Term life insurance pays a lump sum on the death of the insured, or if
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Why transferring financial risk to an insurance company can be a smart decision

By insurancefocus,

Most families are carrying significant financial risk should the unexpected happen. The big question you have to ask yourself is: ‘Would your family be able to maintain their lifestyle if you died?’ If your answer to this question is no, you need to consider transferring that financial risk to an insurance company. Your financial adviser
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