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Personal Insurance

Most of us don’t even think twice about taking out insurance policies on large investment purchases, such as cars, houses, jewellery etc., but many forget to protect our greatest assets – our family and providing a comfortable lifestyle!

Protection against life’s uncertainties is sensible financial management, and enables you and your family to continue to enjoy your quality of life. Whether it is the management of debt repayment or financial assistance for dependents in the event of death or disability, personal insurance gives the utmost piece of mind.

At Loan Studio, our dedicated insurance team can be your one point of contact to consolidate all your policies. You will also benefit from integrating this management in with your financial planning and loan management for a tailor made solution to suit your individual needs. Our specialist insurance service takes you through each step;

  • Financial security for your family with Life insurance 
  • Supporting you and your family if permanent disability occurs with TPD insurance
  • Trauma insurance to assist with treatment in the event of critical illness
  • Income protection for continuity in income to meet liabilities

Life Insurance

Protecting the financial future of your loved ones after you pass away, is an often neglected but very necessary component of smart future planning. Life insurance involves a lump sum pay out to a nominated beneficiary(ies), which is included in some superannuation plans but is often not enough to sustain your family’s lifestyle.

Life insurance is a bit like a safety net for you and your family, you hope you never have to use it but it is always there if you need it. Generally, you choose a lump sum payout figure which then calculates the cost of your premium.

Some key aspects that can affect your type of cover;

  • Your age will affect the cost of your life insurance premium, it increases as you get older,
  • On average, women live longer than men, which means that often the premium for women is less,
  • Smoker’s may have increased health issues, which in turn affects the life insurance policy.

TPD Insurance

Similar to income protection cover, TPD insurance focuses on providing support, through a lump sum payout, if you suffer total and permanent disability. This financial support can assist with necessary renovation work to your home (to cater for access, medical support etc.), ongoing liabilities and general life expenses.

Quite often, TPD Insurance is grouped together with Life Insurance and each insurer has different definitions of both ‘trauma’ and ‘permanent disability’ so it is important to understand what you are covered for.

Some areas to consider when deciding on TPD insurance are;

  • What does my existing private health fund cover?
  • What other types of life insurance do I have, including within your super fund?
  • What income does my family need if the bread winner is away from work for a period of time or permanently?
  • What alternate help and family assistance is available?
  • Liquidity of current assets, selling house etc, to meet liabilities,
  • What government benefits and compensation is available?

It may be advisable to organise your TPD Insurance through your super fund as it may be cheaper and easier to process, your Loan Studio advisor can get this process started for you.

Trauma Insurance

Being diagnosed with a critical illness such as heart disease or cancer, can put a significant strain on any family without considering the financial burdens involved. Trauma insurance assists with meeting your liabilities and providing access to required specialist treatment services.

Some areas to consider when looking at Trauma Insurance are;

  • What does my existing private health fund cover?
  • What other types of life insurance do I have, including within your super fund?
  • What income does my family need if the bread winner is away from work for a period of time or permanently?
  • What alternate help and family assistance is available?
  • Liquidity of current assets, selling house etc, to meet liabilities,
  • What government benefits and compensation is available?

In some cases, your income protection insurance may also cover some of these needs.

Income Protection

If your income is interrupted due to sickness, injury or involuntary redundancy, it can become difficult to meet your liabilities which ends up causing stress for everyone.

With Income continuance insurance you can be covered for up to 75% of your monthly income (involuntary redundancy % differs), which can help you concentrate on getting back to work or making alternative arrangements.

Income Protection policies can be tax deductible and are well suited to the self-employed, small business owners or within family units with a sole bread winner.

Life Insurance

Protecting the financial future of your loved ones after you pass away, is an often neglected but very necessary component of smart future planning. Life insurance involves a lump sum pay out to a nominated beneficiary(ies), which is included in some superannuation plans but is often not enough to sustain your family’s lifestyle.

Life insurance is a bit like a safety net for you and your family, you hope you never have to use it but it is always there if you need it. Generally, you choose a lump sum payout figure which then calculates the cost of your premium.

Some key aspects that can affect your type of cover;

  • Your age will affect the cost of your life insurance premium, it increases as you get older,
  • On average, women live longer than men, which means that often the premium for women is less,
  • Smoker’s may have increased health issues, which in turn affects the life insurance policy.

TPD Insurance

Similar to income protection cover, TPD insurance focuses on providing support, through a lump sum payout, if you suffer total and permanent disability. This financial support can assist with necessary renovation work to your home (to cater for access, medical support etc.), ongoing liabilities and general life expenses.

Quite often, TPD Insurance is grouped together with Life Insurance and each insurer has different definitions of both ‘trauma’ and ‘permanent disability’ so it is important to understand what you are covered for.

Some areas to consider when deciding on TPD insurance are;

  • What does my existing private health fund cover?
  • What other types of life insurance do I have, including within your super fund?
  • What income does my family need if the bread winner is away from work for a period of time or permanently?
  • What alternate help and family assistance is available?
  • Liquidity of current assets, selling house etc, to meet liabilities,
  • What government benefits and compensation is available?

It may be advisable to organise your TPD Insurance through your super fund as it may be cheaper and easier to process, your Loan Studio advisor can get this process started for you.

Trauma Insurance

Being diagnosed with a critical illness such as heart disease or cancer, can put a significant strain on any family without considering the financial burdens involved. Trauma insurance assists with meeting your liabilities and providing access to required specialist treatment services.

Some areas to consider when looking at Trauma Insurance are;

  • What does my existing private health fund cover?
  • What other types of life insurance do I have, including within your super fund?
  • What income does my family need if the bread winner is away from work for a period of time or permanently?
  • What alternate help and family assistance is available?
  • Liquidity of current assets, selling house etc, to meet liabilities,
  • What government benefits and compensation is available?

In some cases, your income protection insurance may also cover some of these needs.

Income Protection

If your income is interrupted due to sickness, injury or involuntary redundancy, it can become difficult to meet your liabilities which ends up causing stress for everyone.

With Income continuance insurance you can be covered for up to 75% of your monthly income (involuntary redundancy % differs), which can help you concentrate on getting back to work or making alternative arrangements.

Income Protection policies can be tax deductible and are well suited to the self-employed, small business owners or within family units with a sole bread winner.

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Home Loan variable interest rate of 5.89% per annum is as at 3 October 2023 and is subject to borrower meeting the lender's criteria, terms and conditions and loan to value ratio ('LVR') requirements. This rate of 5.89% per annum is based on a variable rate home loan of greater than $50,000 and not exceeding a LVR of 80%. The comparison rate of 5.91% per annum is as at 3 October 2023 and is based on a secured loan of $150,000 over a term of 25 years. This comparison rate is true only for the example or examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Lending criteria, fees and conditions apply. Rates, fees and conditions are indicative and subject to change without notice. Loan Studio Pty Ltd (ABN 97 146 606 135) is an authorised credit representative (390870) of Port Group Pty Ltd (Australian Credit Licence Number 389460.