Protect Yourself with Insurance

So why have Insurance?

To provide money in the event that: You die too soon, become disabled (permanently or temporarily) or suffer a major medical condition.
There are generally four different types personal insurance. You may select one or more of these.

  • Life Cover– pays a lump sum when the insured person dies or becomes terminally ill.
  • Total and permanent disability (TPD) cover– pays a lump sum if the insured person becomes totally and permanently disabled. Sometimes, a partial disablement can also be covered.
  • Critical illness cover also called Trauma insurance – pays a lump sum if the insured person is diagnosed with a specified illness or injury. such as cancer or a stroke.
  • Income protection, sometime called salary continuance – pays an instalment benefit if the insured person is unable to work due to illness or injury. Business expenses may also be insured.

How much life insurance should I have?

There is no precise answer. More insurance gives protection but it also depends on your budget and other considerations. Firstly, think about what assets you will have if you or your spouse died or became disabled. What money do you have in superannuation, shares, savings and existing insurance policies?

Then think about your ongoing needs. The difference between what you will have and what you would need is the amount of cover you should get. You may decide to review your cover based on changes to your life-stage. For example, if you have children and a large mortgage you may decide you need more cover. Alternatively, if you’ve paid off your mortgage, you may decide to decrease your cover.

Insurance Through Super

Most super funds offer minimum life insurance coverage as part of their policies, but the reality is that the coverage is rarely enough to support your family if you pass away. While you can take out an additional life insurance policy and have a monthly premium deducted from your bank account, there are a number of benefits in choosing to increase your life insurance through your super account.

  • There is a broad choice of Superannuation funds
  • It’s poorly understood (understated in super statements)
  • It’s complex


So Why Have Insurance

  • To provide money in the event that: You die too soon, or become disabled (permanent or temporary)

There are 3 types of Insurance Cover

  1. Death Cover   Provides a lump sum in case of: Death, Terminal Illness
  2. TPD Cover   Provides a lump sum in case of: Total & permanent disablement
  3. Income Protection Instalment cover for: Illness or injury where you expect to get better. And may be used to: Repay debt, Meet expenses, Estate equalisation or Replace forgone income.

Where to buy Insurance

  1. via Internal insurer of your Super fund* (group insurance)
    • Convenient, Maybe tax effective, Basic cover only, Flat rate premium, No choice of insurer
  2. via External insurer, Giving you broader choice.
    • Is tax effective, Basic cover or, Full cover extension*, Volume discounts, Package options, Choice of insurer

Are there any other considerations?

  • Who the beneficiaries are?
  • Insurance for your business?
  • Insurability?
  • 3rd party ownership?

How can Array help?

  • Calculate sum insured
  • Compare the market
  • Death benefit nomination
  • Choose an insurer
  • Your office/our office
  • Support

So, if you or someone you know

  • needs insurance
  • needs an insurance review
  • had a life-stage change
  • finds dealing with insurance is all too hard

Call Array Today!   9730 1622

Watch this video to find out the benefits of taking out insurance through super, including cost savings, tax advantages and peace of mind.

Income Protection

If the unthinkable was to happen, and you are unable to go to work for weeks or months, would you be able to sustain your lifestyle? Keep up with bills, school fees and mortgage repayments? Income protection insurance is a simple and affordable way to ensure that you can meet your day-to-day expenses if you need to step away from work to recover from injury or illness.

View this short video to understand how income protection works and why you should consider it.

Total Permanent Disability

If a terminal illness or permanent disablement was to prevent you from working, you and your family can benefit from a lump sum payment to ensure you have sufficient funds to cover healthcare, mortgage repayments and day-to-day expenses.

View this short video for the factors you need to consider when structuring your TPD cover so that you get the maximum benefit with the least impact on your income, tax and super.

Life Insurance

When it comes to the crunch, do you know how much is your life worth?

Watch this short video to help you understand how much life insurance you need so your family can repay debt, cover future expenses, generate future earnings or keep your business afloat if your life is cut short.

Trauma Insurance

We all face unpredictability and ill health throughout life, and trauma insurance can help you when you least expect it. Unlike life insurance and TPD cover, trauma insurance covers you if you face a period of prolonged treatment or rehabilitation but may eventually be able to return to work.

View the short video to understand how Trauma insurance works, and how you can benefit from a tax-free lump sum payment.