Insurance is one of the fundamental planks in any overall financial plan. As a Watkins Financial Services client, you’re guaranteed that our advice on all risk – business, death, permanent and total disablement, trauma and income protection insurance cover – is thorough. We can get quotes for you on term, disability and income protection insurance from all Australia’s major life offices.

The four different types of Life Insurances that you can obtain.

Life Insurance

This type of cover is pretty straight forward. Life Insurance provides cover in the event of death. Some Life Insurance companies will also provide payments in the event of terminal illness. Life Insurance premiums receive a 15% tax deduction inside superannuation, where you would receive no tax deduction holding the cover outside super.

Total and Permanent Disability (TPD) Insurance

This type of cover can have two different definitions. Firstly ‘any’ occupation cover which provides you with cover if you are unable to perform any occupation which you are trained, educated or experienced. The other type of TPD Cover is ‘own’ occupation which provides cover against if you are unable to perform your regular occupation. Depending on how you structure the Insurance depends on what tax deductions are available.

Income Protection Cover

Income Protection provides you with cover in the event where you would be unable to work due to sickness or injury. Income protection can have different waiting periods and benefit periods which should be considered. Income Protection premiums are fully tax deductible.

Trauma Insurance

Trauma insurance pays you if you suffer a heart attack, stroke, cancer and tumours. This type of insurance tends to be the most expensive because it is the most commonly claimed. This cover is to be used so that you are able to access treatment from private hospitals and if required allow you to have elective surgeries.

Business Expense Cover

This type of cover is designed specifically for business owners and to cover business expenses. This similar to income protection where a monthly benefit is provided; however, normally only provides benefits for 12 months when a business owner is unable to work due to sickness or injury.

It is important that you find the right type of cover and amount of cover for you. Everyone is different and it’s our job as trained professional to help find you the most appropriate cover. Remember