Insurance

Types of Insurance Offered

Life Insurance

Provides a lump sum payment to a beneficiary, third party or an estate in event of death. It would also be normal for all or part of the benefit to be paid should the diagnoses be one of terminal illness.

Total & Permanent Disablement Insurance

Provides a lump sum payment if you become Totally & Permanently Disabled. The meaning of Total & Permanent Disability is defined in each policy document. Some occupations have an option as to which meaning of Total & Permanent Disability can be insured. The benefit is normally provided as an advance payment of a death benefit or on a stand-alone basis.

Trauma Insurance

This provides a lump sum payment in the event of you being diagnosed with one of a specified range of critical illness or injuries. The list of conditions covered is often optional and varies between companies, as do the definitions of those conditions. The benefit can be provided as either an advance payment of a death benefit or on a stand-alone basis.

Income Protection

Income Protection provides you with a regular source of income should you be unable to work for a period due to injury or illness. You can generally insure for up to 75% of your normal income and there are a number of options available relating to waiting periods and benefit periods.

Business Succession Insurance / Buy / Sell Insurance

This covers a business for the costs associated with the departure of a co-owner / partner by either death and / or illness. This is one of the most insurance covers any business owner that is engaged in business with a partner/s. It make certain that the business continues to operate on its own terms rather than be forced into accepting terms from a deceased partners estate.

How Is The Cost Of Insurance Calculated?

Not everyone pays the same rate for the same life insurance policy. The process by which the insurance company determines who is eligible for a policy, and what they will pay for it is called "underwriting. There are various factors in underwriting an individual insurance policy, these include, but are not limited to:

Age
General Health
Medical History
Gender
Occupation
Agreed or Indemnity style policy
Waiting period – the time you choose to wait before receiving payment.
Benefit period – how long you will receive payments in the event of a claim.
Lifestyle, i.e. alcohol, tobacco use, sports and hobbies

If the results of the underwriting evaluation determine that the person is insurable, they will then usually be issued a risk rating. Individuals applying for insurance that are considered a "low risk", receive the lowest rate. How the rating is assigned differs from company to company, and this is why it is recommended that appropriate advice is considered.