Personal insurances

Download the planning software to estimate your insurance needs (Windows and Excel required - compatible with most versions of Excel).

Income protection considerations:

  1. Protect your income with an income protection policy (24/7 global cover).
  2. Purchase income protection as soon as you are able to.
  3. Get medically assessed (underwritten) by an insurer to lock in your healthy status.
  4. Purchase "level premium" contracts instead of "stepped premium", as average cost over policy term is much cheaper.
  5. Avoid cheap income protection policies that may not pay out in the event of claim (no underwriting products) or only cover you for a maximum of two years.

Family protection considerations:

  1. Purchase life insurance to cover ongoing family expenses, the mortgage and children's education.
  2. Consider trauma insurance to cover the medical gap in the event of heart attacks and cancer.
  3. Consider cover for more serious injury leading to total and permanent disability. 

Use the personal insurance calculator to work out your insurance needs and the inbuilt cost guide will show you approximate insurance costs.