Choosing Insurance for Your Family

If you are the head of the family, you will do everything to provide for all your family's needs. You will find a job that provides enough money to feed, clothe, and let them live happy and comfortable lives. But did you know that the basics may not be enough?

Think about this: what would your family do if you were suddenly unable to work because of an illness or an injury? What if you die in an accident? Would your family have the funds to help them continue living as they do today?

Of course it's something that all of us would rather not think about. However, the reality is that nobody can really tell what the future holds. It's important then that we secure that future for the people we love. We can do that through insurance. There are several types of insurance that will help protect your family in the event of your illness, serious injury, or death. Here are some of them:

  1. Term life insurance. This is a type of insurance that pays out a lump sum benefit to your family in case of your death. The benefit they receive is important in helping them manage their immediate financial needs, including paying off your debts, as well as for their continued survival, including their daily expenses, and your children's education.
  2. Total and permanent (TPD) insurance. When you become permanently unable to work due to a total disability, your family will receive a lump sum payment in this type of insurance. While insurers define differently which types of disabilities they cover, it usually includes paraplegia, quadriplegia, and loss of sight.
  3. Income protection insurance. When you are unable to work because of an illness or injury, this type of insurance can help protect you. It will do so by providing you up to 75% of your salary on a monthly basis, helping you have enough funds for your recovery as well as for your household's daily expenses.
  4. Trauma insurance. This one covers your medical expenses as well as your expenses for rehabilitation when you get seriously ill. With the money you receive, you will be able to focus on your recovery than worry about where you will get the funds for your therapy.

You may not need to lodge a claim for any of these types of insurance, but it's always better to be prepared for whatever happens in the future than to be caught off guard.

Here at Rate Detective, our qualified advisors will help protect your future by helping you find the best policy for your needs. They will assess your personal circumstances as well as provide you with rate comparisons of Australia's top insurance companies. That way, you will find the perfect balance between getting more than the adequate amount of coverage with premiums that are reasonably priced. Contact us today for more details!

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Published on June 6-th, 2013 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.