Your Journey, Your Choice, Your Life Insurance.

 In Finances, Insurance, Lifestyle

Life insurance – what do you have? And what do you need? The main life insurance policies include cover for:

Total Permanent Disability (TPD) Covers the costs of rehabilitation, debt repayments and the future cost of living if you are totally and permanently disabled. TPD cover is often bundled together with life cover.

Trauma – Provides cover if you are diagnosed with a specific illness or injury. These policies include the major illnesses or injuries that will make a significant impact on a person’s life, such as cancer or a stroke. It is also referred to as ‘critical illness’ cover or ‘recovery’ insurance.

Income Protection (IP)Replaces the income lost through your inability to work due to injury or sickness.

Consider all factors

First think about what funds you will have if disability or death were to occur. This should include money you have in superannuation, shares, savings and other existing insurance policies. It’s important to consider all factors such as how much paid leave you have, government benefits such as workers compensation, and what type of support you can get from your family.

Insurance for your lifestyle

Life insurance should be based around your lifestyle. For example you may have a mortgage and dependent children which may mean opting for higher insurance cover. Alternatively, if you have paid off your mortgage or no longer have dependent children, decreasing your cover can be an option to discuss when reviewing your life insurance with us.

Manage the affordability of insurance

Insurance through super is an option where you don’t have to pay for your policy from your household budget and instead it comes out of your super. Accordingly, you need to carefully consider your personal circumstances and decide whether this option is right for you.

With so many variables to consider, it’s important to get the right advice and guidance. Our financial advisers can help assess your circumstances and consider these factors to ensure you are covered with the right insurance.


Written by Trent Bacon, Financial Planner on behalf of Oak Financial Planning.

Trent has studied a Bachelor of Commerce majoring in Finance, Financial Planning & Economics

He has a focused approach to develop a personal and professional relationship with his clients and is dedicated to providing the utmost level of service and ongoing support to all clients, both new and existing, no matter what stage they are in life.


Oak Financial Planning Pty Ltd ABN 78 126 751 335, trading as Oak Financial Planning is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited, Australian Financial Services Licence and Australian Credit Licence 232706.

This blog article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

If you decide to purchase or vary a financial product, Trent Bacon, Oak Financial Planning Pty Ltd and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.

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