Life and Total and Permanent Disability Insurance - Life insurance is simple - you insure yourself for a set amount and in the event you die, the insurer pays the amount insured. Total and permanent disability insurance provides a payment if you are totally disabled and can never work again.
Critical Illness or Trauma Insurance - Critical Illness insurance pays you a lump sum if you are diagnosed with a specified condition covered by the contract (e.g. heart attack, cancer, stroke, and others). This is typically used to reimburse related medical expenses and assist your recovery by paying off your debts to alleviate financial stress.
Income Protection Insurance - This provides you with a monthly payment (up to 75% of your income) if you are unable to work due to illness or injury. These payments allow you to meet your everyday expenses until you recover. Payments are paid for the length of the 'payment period'. They are paid in arrears after the end of the 'waiting period'.
Business Expense Insurance - This is used to reimburse certain regular business expenses while you are unable to work due to a disability. Such expenses include rent, utilities, lease costs, depreciation and others. This helps cover your fixed business costs and keep your business afloat while you are recuperating.
How Much Is Enough? The table below may help you decide. You may want to print out this page and fill in the blanks for yourself.
If we can help with a quote to cover your insurance requirements, please let us know.