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Existing customers – for more information regarding recent changes to your Income Protection or TPD insurance please click here

Life Insurance

The Products That Life Insurance Companies Offer (Beyond Life Cover)

29 Apr 2021

Life Insurance by Life Stage

The choices you make today can impact your long-term health, wealth and happiness. Understand the important role Life Insurance can play in key life events.

Do you want more long-term protection? Do you need a better financial safety net for the years to come? There are more reasons to consider Life Insurance products than just life and death.

Who has the best Life Insurance policy? This is a common, yet incomplete, question that many people ask. ​Life Insurance companies can offer different types of protection for you and your family that cover a variety of circumstances.

A lot can happen between the time you sign a policy and the time you pass away. Many variables can affect your life and your family.

The good news is that many Life Insurance companies offer a broad range of life insurance products and services that can be helpful in different circumstances. Many of them can help you while you’re around. Knowing all the possible benefits will likely prove useful when deciding what type of policy to buy or comparing quotes from various ​insurance providers​.

The Other Products and Services

There are many things that can go wrong. It’s usually a good idea to consider as much protection as possible, in case of unexpected events. Such as situations that may hinder your ability to work, or another family member’s ability to work.

The different types of cover available from ​Life Insurance companies may prove useful to you or other members of your family.

1. Income Protection Insurance

Income Protection Insurance is usually offered by the ​top Life Insurance companies​. Its primary purpose is to provide a monthly benefit of up to 75% of the policyholder’s pre-tax income for a period of time, if they are unable to work as a result of a serious illness or injury.

It essentially means that you insure your salary. In case you can’t work due to an accident or illness, you can still receive a generous portion of your  salary for a specified period.

You can apply for Income Protection cover if you’re between certain ages – typically between 18 and 59 years old. There are other requirements too. You may also have to be at least a resident, if not an Australian citizen. Different ​insurance companies ​may impose other requirements.

Valid reasons for making a claim include injuries and serious illnesses. More specifically, those that prevent you from working.

Income Protection is one of the easiest ways to ensure that your family has help with expenses whilst you focus on your recovery.

Note that some companies also add occupational exclusions. For example, contractors and seasonal workers may not always be able to get Income Protection insurance. That happens because these are high-risk vocations, in which the workers are more likely to lose their income.

2. TPD Insurance

Total Permanent Disability, or TPD cover is usually bundled as an option with Life Cover. It can help provide an additional safety net.

TPD insurance provides financial support by way of a lump sum cash payment for those permanently affected by an illness or injury which results in them being unlikely to be able to work again.

3. Trauma Insurance

Trauma Insurance, or Critical Illness Insurance, is another type of Life Insurance product. Unlike TPD insurance, this cover pays a lump sum cash payment upon diagnosis of a specified serious illness condition, such as heart attack, stroke or cancer*. The funds may allow you to pay medical bills or take time off work so you can focus on your recovery.

Most ​Life Insurance companies have their own list of covered illnesses and injuries, within their trauma cover.

If you have a diagnosis for any of the listed conditions, you may be able to make a claim. In the event of a successful claim, you’ll most likely receive a single lump-sum payment from the insurer.

* In Trauma Insurance cover, these 4 conditions are often known by more detailed terminology such as Heart Attack – with evidence of severe heart muscle damage, Stroke – in the brain resulting in specified permanent impairment, and Cancers – excluding specified early-stage cancers.

4. Business Expense Insurance

Here is another type of cover offered by some ​Life Insurance companies​, such as NobleOak. Business expense Insurance is a popular choice among small business owners and self-employed people. You can make a claim if as a result of sickness or injury, you can’t work or run your business.

Business Expenses Insurance provides a safety net to help with any fixed business running costs should you suffer an illness or injury. To make a claim, your inability to work typically has to result from illness or injury.

Why You May Need More Than One Type of Insurance

Most people take out Life cover to help their family or loved ones, but this doesn’t always do much for the policyholder. ​

Income Protection, Business Expenses and Trauma insurance can all help a policyholder during their lifetime. In unforeseen situations, these insurance products can help out you and your family.

Do you need Life Insurance?

That is a question that only you can answer. You may choose to get some professional advice or to carefully consider your own needs and circumstances and deal directly with a Life Insurer like NobleOak who can provide you with general advice and product information.

Disclaimer: This is general information only and does not take into consideration your individual circumstances, objectives, financial situation, or needs.

Please do not use this information as a substitute for getting a proper quote and deeper assessment of your choices.



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