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Personal Insurance

Personal Insurance


Table of Contents




Life Insurance

Provides a lump sum in the event of death.


Life Insurance can be place in your superannuation so the premiums are paid for by your super fund, and hence, payment can be eligible for a tax deduction. This means you pay from before tax dollars rather than after tax dollar.



Income Protection

This coverage provides income replacement while totally disabled or partially disabled and unable to work as a result of either illness or injury.


The monthly benefit is based on your taxable income and the maximum benefit is 75% of that amount.


All premiums for income protection are tax deductible.


The waiting period is the amount of time following your injury or illness that you must wait before you can make a claim. Waiting periods include 14 days, 30 days, 3 months, 6 months and 2 years.


The benefit period is the duration for which you would like to receive benefits. Depending on your occupation benefit periods include 1 year, 2 years, 5 years, to age 65.



Total and Permanent Disablement (TPD)

There are two main definitions for this type of coverage for Total and Permanent Disablement coverage.


Any Occupation Definition – Provides a Lump sum if you are permanently disabled and cannot work in any occupation. This is generally used by superannuation funds.


Own Occupation Definition – Provides a lump sum if you are so disabled that you are unlikely to ever work again in your own occupation or another occupation which you are suited based on your education, training and experience.


Total and Permanent Disablement can also be included under the superannuation option.




Critical Illness

This provides a lump sum on the occurrence of any one of the specified critical illnesses. The following are examples of a Trauma policy:


  • Advanced Dementia and Alzheimer’s Disease
  • Angioplasty* (procedure to unblock the coronary artery)
  • Aorta Surgery* (main artery to heart)
  • Aplastic Anaemia
  • Benign Brain Tumour
  • Blindness
  • Cancer*
  • Cardiomyopathy (disorder of the heart muscle)
  • Chronic Kidney Failure
  • Chronic Liver Disease
  • Chronic Lung Disease
  • Cognitive loss
  • Coma
  • Coronary Artery Surgery*
  • Deafness
  • Diplegia (paralysis of corresponding parts on both sides of the body)
  • Encephalitis (inflammation of the brain)
  • Heart Attack*
  • Heart Valve Surgery*
  • Hemiplegia (paralysis of one side of the body)
  • Intensive Care
  • Loss of Independent Existence
  • Loss of Limbs and / or Sight
  • Loss of speech
  • Major Head Trauma
  • Major Organ Transplant
  • Medically acquired HIV
  • Meningitis and/or meningococcal disease
  • Motor neurone disease
  • Multiple Sclerosis (chronic progressive nervous disorder)
  • Muscular dystrophy
  • Occupationally acquired HIV
  • Open heart surgery*
  • Paralysis of a single limb
  • Paraplegia
  • Parkinson’s disease
  • Pneumonectomy (surgical removal of all or part of a lung)
  • Primary Pulmonary Hypertension
  • Quadriplegia
  • Severe burns
  • Stroke
  • Terminal Illness
  • Triple vessel angioplasty*


* Trauma cover must be in force for a qualifying period of 90 days before cover for this trauma condition commences



Child Cover

Provides a lump sum should your child suffer a specified trauma condition or dies. This may help with medical expenses, rehabilitation and home modifications.



For a review of your insurances, contact Business Insurance Specialists Pty Ltd