No one likes to think about worst-case scenarios. But protection is there for exactly that: to support you and your family if life takes an unexpected turn.

That could mean not being able to work, falling seriously ill, or making sure your loved ones are looked after when you’re gone.

The 3 main types of protection

1. Income protection insurance

This is a long-term insurance policy that gives you a regular income if you’re not able to work. 

You receive this until you’re able to work again or you retire. 

The insurance replaces part of your income, typically between 50-65%. 

The payments usually don’t start immediately. You might have to wait for a period of time before you get the first payment. This ‘waiting period’ is the amount of time between not being able to work and receiving your first payment. It can be from 1 week up to a year depending on the terms of your policy.  

2. Critical illness cover

This is a tax-free, one-off payment if you’re diagnosed with one of the illnesses that’s listed in the policy. 

Some examples of these critical illnesses are: stroke, heart attack, certain types of cancer, multiple sclerosis, major organ transplants, Alzheimer’s disease, Parkinson’s disease.

3. Life insurance

This insurance allows your loved ones to be provided for if the worst thing happens. 

It’ll give your beneficiaries a set lump sum of cash if you pass away while covered by the policy. 

You can choose the amount of cover you need based on your everyday money needs. 

Other types of insurance include: pet insurance, home contents insurance, travel insurance, car insurance and personal indemnity insurance. Personal indemnity insurance helps protect your business in case a client loses money after using your product or service. 

Want help deciding what’s right for you?

We’ll help you figure out what protection you actually need — and what you don’t.
Book your free Starter Session today.