Personal Insurance Advice

Personal insurance is an important part of managing risk.

Insurance can help your family maintain their lifestyle if life does not go to plan

‘Would my family be able to maintain their lifestyle if I no longer earned an income?’ If your answer is “no”, you should consider adequate risk cover – i.e. transferring the financial risk to an insurance company. There is a wide range of insurances that can help you mitigate your risk and provide peace of mind for you and your family.

Why do I need personal insurance?

In life, we expect to earn an income, grow our assets, and then use those assets to enjoy a comfortable retirement. But what would happen if you lost the ability to earn an income or passed away, and your family had to draw on your assets to survive? This is where personal insurance can help. 

Creating a plan to mitigate personal financial risk and build a safety net for you and your family is nothing to be afraid of. While it’s true that failing to address some financial risks can have serious implications, risk management is a typical and necessary aspect of any financial strategy to combat potential problems. 

Insurance can protect your assets, cover unexpected medical expenses and provide replacement income. In other words, risk insurance can help keep you and your family on track financially should the unexpected happen. It’s always better to be prepared. 

Our team of Financial Planners are well-versed in providing insurance advice and will assist you in understanding potential risks, possible implications, and what’s available to mitigate them. But first, it’s essential to understand why it is a good idea to manage and reduce risk through insurance.

Key Benefits

Benefits of personal insurance

The benefits of personal insurance are significant, for both you and your family. 

The right insurance options will:

  • Secure your family’s and your financial future
  • Protect your assets
  • Protect yourself from unforeseen circumstances
  • Cover your family for any large out-of-pocket expenses.

Insurance can help you and your family maintain their lifestyle if life does not go to plan.

An important question to ask yourself is: ‘Would my family be able to maintain their lifestyle if I no longer earned an income?’ If your answer is “no”, you should consider adequate risk cover – transferring the financial risk to an insurance company. But which type of insurance is best?

Personal insurance types

The different personal insurances that are worth considering include:

  • Life insurance – this type of insurance pays out a lump sum on the death of the insured person. It typically covers funeral costs, repays debt, and cover any replacement income required for your loved ones. 

  • Total and permanent disablement insurance (also known as TPD) – pays a lump sum in the event of permanent disability due to illness or accident. This insurance usually covers medical costs, home modifications, and repays debt. 

  • Income protection insurance – replaces your income if you are unable to work due to sickness or injury, by providing a monthly payment of up to 70% of your pre-tax income.

  • Trauma insurance – pays a lump sum on the diagnosis of a specified non-pre-existing illness or injury such as heart attack, stroke, cancer and paraplegia. This is to assist with any medical costs.

How we build your personal plan

At Moneylab, we work with a number of high-quality insurance providers. Drawing on our expertise and experience, we have devised a process to determine what strategies would be best suited to your personal requirements. 

We start by assessing your current situation – if the unexpected happened today, what would be the financial shortfall? How much money would be required for you and/or your family to replace your income and pay for expenses? 

We then develop strategies to help you transfer that risk to insurance companies and identify which types of insurances you require. We also help you qualify for tax deductions on the annual premiums where possible. 

We do all of the research and present you with the best coverage options for your personal circumstances. This includes the cost of the premiums in addition to the inclusions in the policies. This will provide you with all of the information to make the right informed choice for your family. 

Once you’ve selected your preferred personal insurance option, we finalise your plan and assist you with the application process.

Financial Planning

We’re always here to provide expert personal insurance advice

At Moneylab, our team of experienced financial planners are always here to help. We’ll take the time to listen to your needs, understand your situation, and tailor the perfect insurance strategies for you and your family. Contact us for peace of mind today.

Speak to us about your financial planning

Call moneylab and one of our finance experts will be able to assist you immediately.
Winning Formula
Contact moneylab Support

Our Team

Harman Dhillon

Harman Dhillon

Senior Financial Planner
Kim Nguyen

Kim Nguyen

Want to invest in property?

Speak to a broker to find the best option

Winning Formula
Have you looked into our

Other Financial Planning options

Super Review

It is never too early to conduct a super review.

Your Financial Advisor will review your super and ensure it is set up correctly and performing the best it can so you do not need to make sacrifices further down the track.

We will also consolidate any lost super you may have as this could be money that you are missing out on.

Investment Strategy

Are you looking at investment properties?

We offer investment strategy with our financial advice. Whether you are a first timer or seasoned pro, we can advise you on your next move.

We also do investment lending, so you need to look no further.