No one likes thinking about how they or their family will be affected in the event of a serious illness or accident, or even worse, if it is fatal. For business owners, the stakes are higher – not only do you have to assess how the domestic finances will be maintained, but also whether you or your family will be able to cover the business’ costs.
Marsh Advantage Insurance can arrange insurances such as key person, income protection, life and total permanent disablement (TPD), and trauma insurance that can provide peace of mind for you and your family in the event of accident, illness or death.
Key person insurance covers the business in the event that a person, who is essential to the business, passes away or is permanently disabled. This type of insurance can combine income protection, life, TPD and trauma insurances and can be arranged for you, co-owners, key employees or loan guarantors. Key person insurance replaces the income the key person would have generated for the business and covers the cost of hiring a replacement.
Income protection is exactly that – it replaces your income if you can’t work at your business as a result of sickness or injury. You can receive a monthly benefit of 75% of your earnings so that you can continue to pay your home and business loans, cover utilities, support your family and maintain your wellbeing or lifestyle.
Life and TPD
In the event of your death or terminal illness, life insurance provides a lump sum payment to your nominated beneficiary so they can maintain the financial obligations they have with you – such as the mortgage, school fees, and bills. TPD insurance provides a lump sum payment if you become totally disabled and can not work. It can help you pay your day-to-day costs or cover the costs of medical and rehabilitation expenses.
A serious illness like cancer, stroke or heart attack can affect any of us. If it does happen, having trauma insurance will allow you to focus on getting better and not worrying about bills or loss of income. This type of insurance provides you and your family with a lump sum payment if you’re diagnosed with one of a number of defined serious medical conditions, or undergo certain medical procedures.
Let us take the burden out of your life and income insurances. Get a quote!