The scoreboard at half-time

Research conducted by Rice Walker Actuaries and TNS Australia in 2005 revealed a gap of $1,370 billion between the level of life insurance families have, and the level they need to shield themselves against financial risk. For example, while 2,585,600 families in Australia have dependent children living at home, it is estimated only 4% of these families have the amount of life insurance recommended by Rice Walker Actuaries (10 times earnings). Worse still, only 4 in 10 have enough life insurance to look after their loved ones for more than one year if they were to die.

The worrying facts are that while most of Australians are happy to insure their car, just over half have life insurance, and only 31% have protected their income against accident, injury and illness.

Covering the bases

Life can be a risky business, so covering your valuables against financial risk is an important part of any comprehensive financial plan. Of course, when it comes to covering your most valuable possessions - your family and your ability to care for them, there are a myriad of questions that need to be considered. What type of cover do you need? How much? And should you insure yourself through super? The professional financial planners at Intellichoice can help you answer these questions, providing advice on Life Cover, Income Protection, Trauma and Permanent and Total disability cover.

If you have a mortgage, personal loans, credit card debt, dependents or just want to maintain your lifestyle, in the event of illness or injury, speak to Intellichoice first. They can help you develop a personal risk management plan to ensure one curve ball won't put you out of the game.

The bases

Life cover Insurance

Life cover provides financial security for your family in the event of your death, with a lump sum payment or instalments. This could help loved ones pay off the mortgage and other debts, provide for your children's education, or cover living expenses.

Trauma Protection

Trauma protection provides a lump sum payment or instalments if you are diagnosed with one of a range of specified conditions including cancer, heart attack and stroke. This could contribute to maintaining your lifestyle under changed circumstances.

Total and Permanent Disablement

Total and permanent disablement cover (TPD) provides a lump sum or instalments, if you are unable to work due to illness or injury.

Income protection

Income protection insurance protects your ability to earn an income. This cover can provide up to 80% of your regular annual pre-tax income as a monthly payment, if you are unable to work due to illness, accident or injury. In most cases, insurance premiums can be claimed as a tax deduction.

Home base

One of the areas where Australians are striking out time and time again is in adequately insuring both homemakers and working parents for the work they do at home. But if an accident or sickness were to happen, imagine all the additional expenses you'd have to pay to keep the house running smoothly?

Homemakers are just as likely to become sick or injured as people in a full time job. In fact, The Australian Bureau of Statistics has confirmed that more than 60% of all injuries occur away from the workplace. That's why in an unfortunate event, living expense protection will provide a monthly benefit to cover day-to-day living costs, with a range of benefits and waiting periods to suit your needs and budget.

If you want to maintain your standard of living and protect your family in the case of illness, injury or death with an appropriate insurance policy, feel free to speak to one of the financial planners at Intellichoice now for an obligation free consultation on 1300 55 10 45.