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What is personal insurance?

  1. Life insurance provide a lump sum in the event you die prematurely, this is to help the family have enough income to meet their needs as your income is no longer there. This is a low cost insurance and cheaper than insuring your car.
  2. Then we have Income replacement insurance for when you are sick or injured. There are 3 types of cover. A monthly income when temporarily/permanently sick or injured and cannot work. A Lump sum if permanently disabled and unable to work. Or a Lump sum if you have a Trauma event.
  3. The aim of insurance is to put you back in the same position you would have been in, if you did not have a claim for sickness or injury or death. What insurance does for us is to transfer the risk to a company, government regulated, to provide the money needed by us when something happens. Do you have sufficient assets to protect your income now or do you need to transfer the risk to a large regulated insurance company? Yes I have assets and what assets do you have to replace your income? No, I would prefer to transfer the risk to an insurance company.