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What would happen if you got sick or had an accident and needed medical treatment? What would happen if you couldn’t work any more?

Even if you or your family could get government benefits, it might not be enough to pay all your bills or your living expenses. Some insurance policies can help you cover costs if something like this happens to you.

Don't put your financial security at risk any longer.

Life Insurance

Life Insurance | One26 Financial Services

Also known as term insurance or death cover, life insurance provides a lump sum in the event of death or diagnosis of certain terminal illnesses. Most policies will allow you to add optional components to cover total and permanent disability and illnesses that, while not terminal, may significantly impact your ability to earn an income.

Life insurance is paid to the policy owner or the insured and is paid to his/her estate or nominated beneficiary in the event of death. With life insurance, you can usually add an optional total and permanent disability cover in case you’re unable to work due to permanent disability. There is generally an optional trauma cover, which pays a benefit if you are affected by conditions covered by the specific insurance policy such as cancer, stroke, loss of limbs, blindness or severe burns.

Total and Permanent Disability

Total or Personal Disability Insurance | One26 Financial Services

TPD is an optional extra offered by most life policies. It provides a lump sum if you suffer permanent disability or loss of independence.

Total and permanent disability insurance payments are generally not made until the disability has been evident for at least three to six months and the insurer deems that you are unlikely to work again.

This type of insurance might suit you if you do not have a significant amount of extra money that could be used if a permanent disability prevents you from working.

Income Protection

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Pays an income in the event that you become unable to work due to injury or illness as defined by policy conditions. As this type of insurance aims to protect your income, the premium is tax deductible.

Income protection is important if you have:

  • Debts, such as a mortgage, credit cards or personal loans, which you couldn’t service if you were unable to work due to sickness or injury.
  • Little or no savings.
  • The need for a regular income to pay ongoing family expenses.
  • A business with ongoing costs and expenses.
  • A family that needs to be financially protected should you be unable to work.

Trauma or Critical Illness

Critical Illnes & Injury Insurance | One26 Financial Services

Provides a benefit upon the initial diagnosis of a specified injury or illness. This benefit is generally a lump sum payment, which can be used at your discretion. Cover is strictly limited to specific injuries and ailments. Ailments commonly covered by trauma insurance policies include heart attack, stroke, cancer and coronary artery disease.

Trauma insurance is an important consideration for anyone who doesn’t have a significant amount of extra money at call if a traumatic health condition occurred. It might suit you if you are supporting a family or if you own a business.

Don't put your financial security at risk any longer.