Private Medical Cover / Income Protection Insurance
 

Hi,
I'm currently looking into where to get some extra insurances for myself and my wife. We're considering

-Life insurance
-Trauma (inc TPD)
-Income Protection
-Private Medical

It's all quite expensive and we're not sure what to do. Does anyone here have any thoughts on these type of insurance? I'm keen to hear whether you think it's worth the money?

Re: Private Medical Cover / Income Protection Insurance
 

For me, Personal Insurance is something I hate paying for, but if I ever need it, I'll wish I had more of it! You will need to weigh up the importance of each type of insurance, the level that you feel comfortable with and what other resources you have available in case of an issue (i.e if you are off work for 12 months, how would you cope?). There are things that you can do to make it cheaper e.g lead a healthy lifestyle, not smoke, opt for a longer waiting period before qualifying for a claim, decide to obtain enough cover just for a particular purpose such as covering mortgage payments. Check if you have any current cover or benefits, maybe through your employer.

Talk with an adviser, ask how they are paid and ask them to disclose the amount in dollar terms, ask if they will rebate some of the fee to you, what their qualifications are, what insurance companies they deal with, and ask why you should consult with that adviser.

Hope that helps.

Re: Private Medical Cover / Income Protection Insurance
 

We would really need a full breakdown of your personal statistics and lifestyle. Ages, kids, income, assets and employment status before we could even comment. I don't see the point in life insurance, but you may be a case where it is justified. I don't feel I need income protection or private medical insurance, but you might. It probably depends on your personal risk profile. I am happy to take risk, but I also have a large family around me whom I could call on for help.

Re: Private Medical Cover / Income Protection Insurance
 

Life Insurance in this country is an absolute no brainer to me. I dance with death literally every single day once I turn the ignition on

I pay around $28 a month and i'm with the AA. That gives me enough cover for the wife and kids to be mortgage free, and have a nice lump sum to live on. If you are with the AA, you get 5% discount, as well as a 15% discount if you meet certain requirements. Plus 20c off fuel for a whole year.

It may be seen by some as a waste of money, but for me it isn't. For the sake of $28 a month, i'd prefer to be safe knowing my family will get by without me, in the event I don't survive the next crash.