What is insurance?

Do you know that you need insurance but don’t know where to start, how much cover you need or how to find the right cover?

Navigating your way through the different types of insurances, how much cover you need and choosing what insurance provider to go with can be all too confusing. My Money Works offers professional advice in providing you and your family with an insurance plan. An insurance plan is the security basis of a solid financial plan, providing you and your family with security and peace of mind in the event of unforeseen circumstances such as premature death, disability or severe illness. Obtaining the right insurance cover can ensure that your mortgage and any other debts continue to have their payments made, that your income and cash flow continue and that your financial goals and objectives are still able to be met.

My Money Works offers professional insurance advice, including a breakdown of your circumstances; calculation of your insurance requirements and provide professional recommendations for the best product selection and strategic, tax efficient insurance packaging.

We look at the full suite of personal insurance options to provide your family with security and peace of mind including term life, total and permanent disablement, trauma, income protection and insurance packages for businesses for succession planning.

We look at the big picture, and help our client to find the right insurance package to suit their unique circumstances, goals and requirements.

Our clients are left with security and peace of mind, knowing that their family, assets and income and overall wealth are completely protected if the unexpected happens.

Term life
In the event death or terminal illness, term life insurance provides a lump sum of money which can be used to clear debts and provide financial security for your family.
When deciding how much term life insurance you need, you should consider how the loss of either you or your partner would affect your family’s future.
Term life insurance works by allowing you to nominate an amount that you’d like to insure your life for. This amount can be used to cover things like children’s education, debts, ongoing income for your partner and funeral expenses.
Total and permanent disability
Total and Permanent Disability insurance (TPD) provides a lump sum if you suffer an illness or injury that leaves you totally and permanently disabled. TPD insurance benefits are often used to eliminate debts, pay for medical expenses or fund any lifestyle changes or modifications required to be made to your home resulting from disablement.
TPD products vary in their definitions of what ‘totally and permanently disabled’ means. It is important to do your research, speak to a financial adviser, and be sure you have a product that best suits your needs.
Also known as ‘critical illness’ or ‘recovery’ insurance, it provides a lump sum of money on the diagnosis (or occurrence) of one of a list of specified medical conditions and procedures. The most common of these include cancer, heart attack and stroke, but your trauma policy will state exactly which conditions it covers.
Income protection
Income protection provides payments to replace your income in the event you are unable to work due to sickness and/or injury. Income protection pays a monthly benefit of 75% of your salary plus allowing you to continue with your super guarantee contributions while you are unable to work. When obtaining an income protection policy you need to think about what waiting period you will need (i.e. How long will your cash reserves continue before you will need to start receiving your benefit) and how long you will need to be paid a benefit for (i.e. 2, 5 or to age 65).
The income protection is designed to help keep your life on track while you can’t work due to sickness or injury. It can provide valuable financial support which lets you focus on getting well again.

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