Five Insurance extras to consider

Thinking of increasing your Insurance protection, or simply would like to know what’s available and how you can make the most of it?

Depending on the type of cover you have in place, there are certain extras you can consider. Here’s an outline of some handy optional benefits you can add to your policy, and of course, feel free to contact us if you’d like to go more in-depth about your options.

For Life Insurance

Does your policy have a funeral or bereavement benefit? Depending on the ownership structure of your Life Insurance, it may take some time for the funds to reach your family – just when they need it most.

A funeral or bereavement benefit option means that a lump sum can be deducted from your total insured amount and paid to your family a lot quicker. This gives them peace of mind that the costs of your funeral are covered, without having to wait.

For Health Insurance

Most Health Insurance plans offer a range of options; from basic surgical-only cover, to including doctors and dentists cover. Often when you need surgery, there will be tests and imaging that also need to be completed. If you haven’t included these options in your Health Insurance cover, you could find yourself out of pocket. Take some time to consider the various options available, and make sure you have included the ones that will give you the most benefit, at a cost that is reasonable to you.

For Income Protection

When you are off work, and no income is coming in, you are probably more worried about how you will meet your obligations than you are about continuing to save for your retirement. Adding on a retirement protection option to your Income Protection Insurance means that your current regular deductions will still be made, allowing you to focus on getting better rather than worrying about what a period of no income will do to your future.

Another useful option to consider is a waiver of premium benefit. This means that when you are on claim, any due Insurance premiums will be paid for by this additional option – giving you one less budget concern.

For Trauma Insurance

Trauma Insurance pays out a lump sum if you suffer one of the specified injuries or illnesses. Generally, it is designed to help you meet additional or extraordinary costs until you go back to work. However, what if you never go back to work as you have suffered a total and permanent disability (TPD)?

Having TPD cover as an optional extra on your Trauma cover could provide you with an additional lump sum, just when you need it most.

The bottom line? Review your cover regularly and always feel free to talk to us. We can help keep you informed about optional extras that may make your policy do more for you.

 

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek advice from a financial adviser.