Personal Insurance

Planning for the unexpected

Personal insurance is a specialist area which is important to get right from the start.

We find that many investors don’t fully understand their personal insurances. For example, they may not be aware of:

  • What they are covered for,
  • How much cover they have,
  • Whether this cover is sufficient.

A client’s insurance needs changes over time and therefore should be reviewed on a regular basis.

Oracle Advisory Group specialises in analysing your insurance needs by researching your current cover, discussing the various options and structures available to you, and tailoring the right solution to suit your needs at the lowest possible price for the level of cover recommended.

Our complimentary initial strategy session will help you to understand the many opportunities and pitfalls that exist, and more importantly, how we can guide you to a place that suits your individual needs.

Personal Insurance covers a few main areas:

  • Life (Death) insurance cover
  • Total Permanent Disability (TPD) insurance cover
  • Critical Illness (Trauma) insurance cover
  • Income Protection (IP) insurance cover
  • Business insurance cover

Frequently Asked Questions

What is life insurance?

Life insurance is a lump sum payment to your family and other beneficiaries in the event of your death or upon being diagnosed with a terminal illness. The purpose of life insurance is to provide your family with financial security if you were to pass away.

Life insurance can also include multiple different types of cover for you to choose from, depending on your circumstances:

  • Term life insurance
  • Trauma insurance: Provides a lump sum of money to help you meet medical expenses and clear debts when you have suffered a medical trauma
  • Total and Permanent Disability (TPD) Cover: Provides a lump sum payment if you become totally and permanently disabled so that you are no longer able to work
  • Income Protection Insurance: Provides a monthly payment if you are unable to work due to serious illness or injury

What does Life (Death) insurance cover?

  • Covers you for premature death
  • Enables the payout of debt
  • Creates liquidity to your estate
  • Helps maintain the livelihood of your loved ones
  • Enables families to rebuild their lives faster
What does Life (Death) insurance cover?
  • Covers you for premature death
  • Enables the payout of debt
  • Creates liquidity to your estate
  • Helps maintain the livelihood of your loved ones
  • Enables families to rebuild their lives faster
Advised life insurance vs direct life insurance

Advised life insurance is life insurance that you obtain through the use of a specialised financial adviser. Some people prefer advised life insurance because it removes a lot of the confusion when it comes to choosing a policy; getting professional advice helps narrow your options to find a policy that properly suits your specific requirements.

Getting advice on an insurance policy can also eliminate the risk of being underinsured or paying more than you should in premiums.

Direct life insurance it is very much ‘off the shelf’ insurance, as it is easier to apply for, requires less medical information and applications can be completed in minutes from the comfort of your own home.

The traps here though, are under-insurance risks, incorrect policies for specific situations and cases, insurance structure not beneficial to owners.

Under insurance was highlighted back in 2013 when research from life insurance provider TAL found only 30%-37% of Australians aged 18-69 held life insurance. Only 11-18% held disability cover, income protection insurance, or critical illness and trauma cover.

What does life insurance cost?

The cost of each advised life insurance policy is different, and will depend on the following things:

  • Your current health and medical history
  • Your occupation
  • Your hobbies
  • Whether you’re a smoker or non-smoker
  • Your gender and age

The best strategy is to speak with an Advisor who can tailor the right package for you that works with your individual circumstances.

What does Total Permanent Disability (TPD) cover
  • Provides cover in the event of serious illness or accident that takes you out of the workforce permanently
  • Serious illness or accident can be devastating to a family’s finances and lifestyle
  • TPD enables lifestyle choices to continue after the accident or illness
  • Looks at covering debt and future income needs
What does Critical Illness (Trauma) cover
  • Gives you a cash injection
  • Covers you for major injury or illness such as:
    • Cancer, heart attack, brain injury, coma, major accident and much more
    • Includes Partial Benefits cover, with some policies, for less serious conditions.
What does Income Protection cover?
  • Enables the continuation of income
  • Covers 75% of your annual gross income plus superannuation
  • Pays out once specific waiting period is attained –
    • Either 14, 30, 60, 90 days or longer
  • Pays for a specific time period based on policy implemented
    • Usually between 2 to 5 years or up to age 65 to 70.
What is Business Insurance?
  • Enables the continuation of your business without impacting revenues and customer/supplier satisfaction.
  • Key areas:
    • Key Man insurance cover
    • Business expenses insurance
    • Asset and revenue protection
I have more questions about my insurance needs

We would love the opportunity to chat to you about your insurance needs and help find a solutions that is perfect for you.

Please contact us on the below form or the phone number above to setup a free consultation.

Enquire today to see how Oracle can assist you!
Contact us