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Insurance SOLUTIONS

Take the hassle out of finding the right insurance for you

Do you have the right insurances in place?

We all insure our home or car and sometimes forget to insure our biggest source of income – ourselves.

Types of Insurance

It is important to understand the various forms of property and personal insurances to protect both you and your home against unforeseen distressing circumstances.

The unexpected expense of repairing the structure of your property or replacing your valuable contents can be a costly exercise.

Make sure that everything important is covered and that you read and understand all policies.

General Insurance

Car Insurance

There are several types of car insurance. Some of these include:

Full Comprehensive

Covers your vehicle if you are the at fault driver or cannot identify the at fault driver. Covers your vehicle as well as the 3rd parties vehicle

3rd Party

3rd party covers the other vehicle in the event of an at fault accident. This type of cover does not cover your vehicle.

3rd Party, Fire & Theft

Similar to 3rd party cover but also covers your vehicle if it is stolen or subject to damage by fire.

Home and Contents Insurance

Your home and contents insurance should provide you with adequate cover should you need to repair or replace your home (ie, house, garage, shed) and your contents in the event they are destroyed, damaged or stolen.

Landlord Insurance

Landlord Insurance is a type of insurance policy designed specifically to help financially protect landlords for some of the common risks associated with renting their investment property.

Landlord Insurance is different to normal home and contents insurance as it provides protection for some of the tenant related risks that may not be covered by standard Building Insurance, including damage caused by your tenant’s visitors and friends. Usually, a main difference with Landlord Insurance is the breadth of rental income protection and whether loss of rent is included as standard or is an optional extra.

 

What’s Covered?

  • Loss of rental income should your tenant abscond, default on the rent in some circumstances, experience hardship and are released per court order, or you’re prevented from accessing the property due to damage caused by an insured event; or
  • If your property is untenantable whilst tenant related damage to contents by an insured event is being repaired.

Risk Insurance

Life Insurance

This policy provides a lump sum payable to selected beneficiaries in the event of your Death or diagnosis of a terminal illness.

This benefit may be used to assist with the repayment of debt, fund legacies and additional capital for ongoing income needs of your beneficiaries.

Income Protection Insurance

This policy provides a benefit to replace a portion of your pre-disability income that is lost in the event that you suffer an illness or injury that prevents you from working beyond your waiting period, up to the end of your specified benefit period.

The insurance premium may also be a personal income tax deduction in certain circumstances.

Total and permanent disability (TPD) Insurance

TPD is designed to help take the pressure off you financially if you suffer an illness or injury that leaves you totally and permanently disabled.

The lump sum benefit paid is often used to pay down debts, pay for medical expenses or fund permanent lifestyle changes. For example, moving to a home that is more accessible for your condition. The definition of what a ‘total and permanent disability’ is will vary depending on the particular product and insurance policy.

Most companies allow you to choose whether you want coverage against:

  • being unlikely to be able to work again in your ‘own occupation’ following an illness or injury or,
  • being unlikely to be able to work again in ‘any occupation’ following an illness or injury
  • Home Duties and Non-working conditions.

 

Critical Illness / Trauma Insurance

Trauma insurance provides a lump sum payment to help you financially while you take time out to recover from a serious illness.

It is designed to pay out on diagnosis (or occurrence) of one of a list of specified serious medical conditions and procedures.

Each insurance company maintains their own list, but they generally include serious medical conditions such as cancer, heart attack or stroke.

 

Business Insurance

Buildings & Contents Insurance

As you build up your business, it pays to protect your business property.

Whether it’s the bricks and mortar, windows, contents or stock, we have covers available to allow your business to keep going should an insured event occur.

Tools & Equipment Insurance

If the tools and equipment you rely on to run your business broke down, or were stolen, how would you cope?

There are several options to help protect you against the unexpected, and keep you in business.

Business Interruption Insurance

Cover is designed to help you if you find yourself in a situation where circumstances outside of your control start impacting on your ability to operate.

It allows you to continue paying your bills until you’re back up and running – and also covers your money, protects against management liability claims and provides professional indemnity coverage.

Enquire how we can help you make the right choice, today

General Advice warning:
Information is provided under General Advice. Any advice contained in this material has been prepared without taking into account your objectives, financial situation and needs. Before acting on this advice you should consider the appropriateness of the advice having regard to these matters.

Sam Zammit is an authorised representative (Authorised Representative Number 473000) of Spectrum Wealth Advisers Pty Ltd. Australian Financial Services License 334400.