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Life, Medical, Income, Mortgage, Trauma and Disability Insurance

Here's a summary of the common risk products, and what they cover.


 
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Life Insurance

The most straightforward. This policy pays out a lump sum if you die, or are diagnosed as being terminally ill with a life expectancy of less than 12 months.

Notes:

  • Some budget versions of this product only cover death by accident or do not have a terminal illness payout.
  • Some older policies are what is known as Life Assurance or Whole of Life, and have a cash value attached to them. Modern policies usually do not.
 
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Total Permanent Disability (TPD)

There are two versions of this, own or any occupation:

Own Occupation: pays out a lump sum if you are diagnosed as being unable to ever work again in your chosen profession. Can be limited to which occupation can get this, but is being expanded to more and more.

Any Occupation: pays out a lump sum if you are diagnosed as being unable to ever work again in any occupation, or you are unable to do 2 out of the 5 acts of daily living without assistance (for example feed yourself, clothe yourself, wash yourself, toilet yourself, and get yourself around).


 
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Critical Illness or Trauma Insurance

Pays out a lump sum if you are diagnosed with anyone of a large list (42+) conditions. Most common being Cancer, Heart attack or stroke. There are different requirements for payout for each condition.

Notes:

  • Some budget versions of this product only cover 13 or less conditions or have much higher thresholds for payment, or only pay out a portion of the policy for major events.
 
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Income protection or Mortgage payment protection Insurance

These are versions of the same thing; they pay out a regular amount per month based on either your income or your mortgage payments if you are unable to work due to illness or injury for a period.

Note: some budget versions of this policy only payout on a big threshold, like a major illness. The better policies payout if for any reason due to illness or injury you cannot work.

 


 
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Medical Insurance

Pays the cost of major medical treatment so you can skip the public system queue.

Notes:

  • Some policies cover specialists and diagnostics, others have options for dental, optical and GP cover as well.
  • A lot of the cover provided by employers can be lower quality cover, that does not payout anywhere near as much as the better products on the market.

Any questions about these specific products insurance or if you would like a review of your own covers, please get in touch.

Please note these are summaries only, and do not include all the requirements for payment, or policy options. Get advice before making a decision.