While a life insurance
policy is designed to make provision for remaining family
members in the event of your death, if a severe accident or a serious illness
should occur, it could also have a devastating impact on the family and the
finances. A loss of your income and unexpected medical expenses can spell
disaster for the unprepared. And while a typical Whole Life policy is designed
to offer benefits upon death, there is now a range of “add-on” cover offered by
many insurers, and these are designed to provide benefits in other serious
circumstances.
Accidental Death Insurance
One commonly opted for
insurance add-on is the Accidental Death Insurance benefit. This benefit provides your
beneficiaries with an additional sum in the event of an accidental death.
However, these policies often have very specific fine-print regarding when and
under what circumstances a death is deemed accidental.
Total and Permanent Disability Insurance
Total and Permanent
Disability Insurance, also known as TPD Insurance, covers you in the event that
you become permanently disabled and are prevented from working. This add-on may
provide benefits such as medical expenses cover, funds to subsidise the cost of
carers, while compensating you and your family for wages lost. The provisions
of this type of insurance add-on can vary quite widely, so it’s important to do
your research beforehand.
Trauma Cover
Trauma Cover is a
potentially valuable add-on that protects you financially in the event of a
sudden injury or serious illness. Trauma Cover can help cover the gaps not
covered by your existing life insurance or health insurance policies by
protecting you from financial exposure. Trauma Cover can help cover your
medical costs, expenses such as equipment and carers, and loss of income.
Trauma Cover is paid out in a lump sum, helping to ensure that you have the
money at hand when you need it.
Income Protection
Income Protection Insurance covers
you and your family in the event that you become seriously ill or injured and
therefore unable to work. It can be a vital add-on if you are the sole or major
breadwinner in the home, and if your family couldn’t get by without your
salary. Where other policies may cover your medical treatment, Income
Protection benefits are designed to help you stay on top of those regular costs
such as mortgage repayments and utility bills.
To ensure that you and
your family are thoroughly protected, consider some of the available add-ons
when looking at life insurance policies. The majority of providers, including
AIA, Allianz, Macquarie, and AMP offer add-ons, so don’t be afraid to ask about
expanding your policy to a level that offers complete security for your family.
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