Personal Insurance
Protect your assets and family
Half of all Australians over the age of 30 will suffer a major illness that can lead to a long-term disability, and consequently, a long-term loss of income. Could you afford to take several months off work without pay? If you are self-employed, could your business survive if you weren't around? If the answer to these questions is no, then it is important to look at protecting yourself against these risks.
Types of protection
Life insurance
Life insurance
Life insurance plays a pivotal role in managing risks effectively. Its straightforward mechanism involves providing a lump sum payment to nominated beneficiaries (spouse, children, business partners) in the unfortunate event of your passing. This payment, ranging from varying amounts—potentially up to millions—serves to cover outstanding loans, debts, and secures the financial future of your loved ones.
Total and Permanent Disability (TPD) insurance
Total and Permanent Disability (TPD) insurance provides essential protection by covering you in cases of complete and permanent inability to work due to illness or injury. If you find yourself in such a situation, TPD insurance ensures you'll receive a lump sum payment, offering financial support during challenging times.
Income protection
Income protection offers vital income replacement solutions to safeguard your lifestyle, assets, and independence in case of illness or injury. This coverage ensures a monthly payment of up to 75% of your income during periods when you're unable to work due to accident or sickness. Having income protection can help you maintain your financial stability and meet your ongoing expenses while focusing on your recovery.
Trauma insurance
Trauma insurance acts as a shield against severe medical conditions and illnesses. In the event of a diagnosis or experiencing a life-threatening illness, this coverage provides a lump sum payment. This financial support allows you to focus on what matters most during such times—your recovery and well-being.
Business expense insurance
Business expense insurance safeguards your business's ongoing expenses, including rent, salaries, utilities, and loan repayments. This coverage also includes the cost of hiring a temporary replacement to manage the business when the primary income provider is unable to work due to illness or injury. If you're the primary income provider in a small business or self-employed, considering this type of cover becomes essential to protect your business's financial stability during unexpected situations.
Your personal insurance options
Navigating the multitude of personal insurance options can be overwhelming when seeking the right cover for your circumstances. Our expertise lies in comprehending the nuances of all available products. We're dedicated to assisting you in evaluating and selecting a tailored combination of key insurance types that perfectly align with your specific needs. Contact your Morgans adviser or nearest office to discuss your wealth protection options.
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