Peace of Mind Insurance

It’s advisable to take out different forms of insurance to cover all eventualities so that you will  have peace of mind in case you are  injured, fall ill or die.

That way, even if you aren’t able to work you will still be able to meet your monthly financial needs and ensure your family is looked after, and isn’t carrying your debts and liabilities. What you do for a living will determine how much you pay in monthly premiums for your insurance. If you work in a high risk environment like a plumber  for example, you will pay higher premiums than a dressmaker, or a bank clerk. If you play some of the more dangerous sports your premiums will also be affected.

You will probably have to have a medical and blood tests when you apply for insurance, depending on the level of insurance you’re looking for. The insurance company covers the costs of the test. You must reveal all of your and your family’s medical history when you apply for income insurance. If the insurance company discovers you’ve kept information from them they may decline your claims later.

Trauma insurance can cover your medical expenses, whereas income protection insurance covers your salary.  If, after you’ve used up all your sick leave at work and are still unable to return to work, you may be required to take unpaid leave. That’s when your income insurance kicks in. However, there is a waiting period written into the policy you take out. So, if you need to access that policy you will have to wait for that period to pass before you receive any benefits. The benefits are then paid a month in arrears, so make sure you have planned for that and have enough money on hand to carry you through that stretch.


For more information, visit http://www.noallco.com.au/request-a-quote/