Serious illness

Insurance

Having the right type of insurance cover means that you, your spouse and dependants will be looked after financially in the event that you become seriously ill. Your financial adviser can help you determine the type and level of cover that’s right for you.

Some of the types if insurance available include:

• Life insurance – pays a lump sum amount to your beneficiaries if you die or in some cases, where you are diagnosed with a terminal illness.
• Total and permanent disablement (TPD) insurance – pays a lump sum benefit if you are unlikely to work again due to permanent disability.
• Living or trauma insurance – pays a lump sum benefit if you suffer from one of a range of specified medical conditions (such as cancer or a heart condition).

Income protection – replaces part of your income and superannuation contributions while you are unable to work due to sickness or injury. This is also referred to as 'salary continuance'.

Insurance through super

Insurance cover such as TPD, income protection and life insurance can be arranged through superannuation. By paying for your insurance premiums through employer or personal deductible super contributions, this can be a tax-effective way of ensuring that you and your family are covered.

Estate planning

It’s important to keep a legal will up to date and accessible, to ensure that your remaining wealth is distributed according to your wishes when you die. If you die without a will (intestate), the distribution of your estate will be subject to state or territory laws, and can be a lengthy, expensive and upsetting process for loved ones.

Enduring power of attorney

An enduring power of attorney is a legal document that authorises a nominated person or agency to make decisions on your behalf. It means that your affairs can continue to be managed by your attorney if you become ill, incapacitated, or unable to make decisions yourself.