The importance of insurance in your financial planning
At Client First Group, our aim is to grow your wealth, protect your assets and improve the quality of your lifestyle. A key part of securing your financial freedom is finding the right insurance for you and your family. To help, here is a summary of basic insurance types from our team of insurance brokers.
What is income protection insurance?
Income protection insurance provides you (and your family) with continual lump sum payments if you lose your job or are otherwise unable to work. The amount of cover you require will depend on your level of income and financial circumstances, but in Australia you can claim up to 75% of your regular income. This income can help you cover living expenses, loans, mortgages and other debt repayments, while preventing you from exhausting your savings.
What is life insurance?
Life insurance covers you in the event you either pass away or are diagnosed with a terminal illness. Paid out as a lump sum, life insurance can be used to replace your income for a spouse or other dependents, or to pay off your mortgage and funeral costs. The key difference between life insurance and income protection insurance is that income protection insures your income, not your life.
What is trauma cover?
Similar to income protection, trauma cover pays a lump sum cash benefit, if you are seriously injured or diagnosed with a critical illness, such as a stroke, heart attack or cancer. Trauma cover, however, is only paid once and is typically used to cover related recovery and rehabilitation costs so you don’t need to use up your savings.
Our insurance brokers will find the right insurance for you and your family
Need help finding the right insurance for you? The experienced team at Client First Group can assess you and your family’s finances and choose the best insurance options for you. To connect with our Brisbane based insurance brokers, simply call us or contact us online.