At Required Financial Services our aim is to assist you in making informed insurance choices when it comes to protecting what’s important to you, your family and your business.
The information below is designed to help you understand the different types of insurances now available:
Life insurance
This type of insurance provides a lump sum payment to a beneficiary, third party or an estate, in the event of your death.
It would also be normal for all or part of the benefit to be paid should you be diagnosed as terminally ill.
Total & permanent disablement insurance
Provides a lump sum payment if you become totally and 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 standalone basis.
Trauma insurance
Provides a lump sum payment in the event of you being diagnosed with one of a specified range of critical illnesses 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 insurance
Provides you with a regular source of income should you be unable to work for a period due to sickness or injury. You can generally insure for up to 75% of your normal income and there are a number of options available relating to waiting and benefit periods.
Business overheads
A specialised form of risk insurance designed for people who are self employed or in a partnership. It provides for a regular payment to cover the costs of running the business should you be unable to work for a period due to sickness or injury.
