Our expertise in personal insurance goes back over 20 years. Whether you need to protect your family or your business, WRS have the knowledge to ensure that you get the advice that fits the need.
Many people spend most of their lives without some form of insurance to protect their future. We will insure our house, our contents or our car but we choose not to insure our most precious asset – ourselves. We do not see the need for personal insurance as our mindset is “it won’t happen to me”. Insurance, however, plays an important role and should not be overlooked in any regard. It allows you to gain peace of mind and to know that if any unforeseen circumstance arise both you and your family will be looked after.
WHAT IS PERSONAL INSURANCE?
- Life Insurance – insuring your life
- Trauma Insurance / Critical Illness or Crisis Care – Insuring against a medical crisis
- Total and Permanent Disablement Insuance – Insuring against permanent disability
The market leading trauma products available today cover an extensive range of trauma events and illnesses. When selecting trauma cover it is important that you ensure the product covers the conditions that are of most concern to you. This may be due to your family’s medical history, your occupation or pastimes.
There are instances when a Trauma benefit will not be paid. In some cases it will not pay a benefit based purely on the happening of a trauma event or diagnosis of an illness. Your illness or event may need to be advanced to a certain stage before a benefit is paid.
DO YOU NEED HELP WITH CHOOSING YOUR INSURANCE?
COMMONLY ASKED QUESTIONS:
When won’t my policy pay a benefit?
- A term life policy will pay out on death from illness or injury. However, in general a policy will not pay a benefit on death caused by suicide or self-inflicted injury if it occurs during the first 13 months of the policy being in force. Some exclude death due to suicide and self-inflicted injury altogether. Other reasons include if you are killed doing something illegal or if a war or civil riot erupts. These exclusions shall be outlined in the Policy Document. Depending on your level of cover, age and lifestyle you may be required to undergo a medical examination or blood test prior to your application being accepted.
How much cover is required?
- The required amount of cover depends on your personal circumstances. A thorough assessment of your family’s specific needs is required to ensure your level of cover is sufficient to enable them to continue their lifestyle in the event of your death. The insurer may also use their discretion to determine the amount of cover they are prepared to offer you. The level of cover available to you may be affected by your lifestyle or health status.
What determines the cost of the premium?
- The cost of your insurance will depend on your age, gender, occupation, pastimes or whether you are a smoker. E.g, if you are a non smoker you would pay a lesser premium than a smoker. You also have the option of taking out term life cover through your superannuation fund. This may reduce the cost of your term insurance because your premium may become tax deductible. Note: There are complex issues surrounding this type of arrangement and advice should always be sought before proceeding.
How much TPD Insurance Cover is required?
- If you are unfortunate enough to suffer an injury or illness that causes you to become totally and permanently disabled you will no longer be able to work and therefore no longer earn an income. TPD cover should be sufficient to provide you with a lump sum benefit that can be used to pay off debts or a mortgage, make adjustments to your home or maybe even provide for a carer. “Own” Versus “Any” Occupation Claim conditions vary, but generally insurers offer either Own Occupation TPD cover or Any Occupation TPD cover:Own Occupation – is payable if by reason of injury or illness you are no longer able to perform your own occupation or profession. Any Occupation – is payable if by reason of injury or illness you are no longer able to perform any occupation which you are suited by way of education, training or experience. The Any Occupation definition of TPD is more difficult to claim on than the Own Occupation definition in that you must be unable to work in any occupation rather than just being able to perform the duties of your own occupation or profession.
Why purchase TPD cover if I have Trauma Cover?
- TPD insurance should form part of your Personal Risk Insurance Plan as it provides what may be referred to as “catch-all” cover. That is, TPD cover may provide a benefit in instances where Trauma cover may not. It is important to remember that Trauma Insurance pays on the happening of certain events or illnesses. Even though cover is extensive it does not cover all illnesses or trauma events that could render you permanently disabled and unable to work. TPD is paid on permanent disability regardless of whether you have suffered a specified illness or injury. Some examples of these are Rheumatoid Arthritis, chronic back or joint pain and other debilitating diseases or injuries that are not covered by your trauma policy.
Why won’t my policy pay a benefit?
- Generally, TPD policies will not pay a benefit if TPD is caused by attempted suicide, self inflicted injury or illness or war or act of war. Exclusions applicable to the policy will be outlined in the policy document.
How much cover is required?
- Not only could your income drop as a result of suffering a trauma event, but you may also be faced with considerable medical expenses. A lump sum benefit can be used to pay off debts or a mortgage, provide for a carer, make adjustments to the house or provide an income. By relieving these financial burdens you can focus your energy on recovering.
Personal Insurance includes Life Insurance, Disability Insurance, and Trauma Insurance. See the most FAQ’s on each type below.