Keeping you and your loved ones protected
When you move to a new country, it is important for you to maintain the safety and security of your family. In Australia, like other countries, most people will insure their car and home, but few people think about insuring what’s most important to them; their family, business or lifestyle. And if they do, sadly, the level of cover is often too low for the protection they need.
There are a number of choices available, so it is important to understand the difference between each type of insurance cover and how they may apply to your needs.
What are your choices?
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Insurance Cover
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How it can help you
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Life Cover Insurance
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Helps maintain financial security for your family in the event of
your death.
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Total and Permanent Disability Insurance
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Provides you with financial security if you suffer total and permanent disability and are unable to work.
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Critical Illness Insurance
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Provides you with financial security if you suffer a serious illness such as cancer or a heart attack, so you can concentrate on your health rather than your medical expenses.
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Income Protection Insurance
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Provides you with cover for your rent, mortgage or living costs if you can’t work due to sickness or injury.
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Business Expenses insurance
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Provides you with cover for fixed expenses to keep your business going if you suffer a total disability and
cannot work.
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You also have the choice of arranging your insurance inside or outside of your superannuation. Superannuation is compulsory in Australia, and many superannuation funds also make a provision for insurance. You will need to understand whether your superannuation fund includes insurance cover and if that level of cover is adequate for your needs.
Finally, you also have the choice of how your premiums are calculated. The two options are level premiums and stepped premiums. Level premiums maintain a consistent rate over time, however, stepped premiums increase each year with your age.
The range of choices can be confusing, so we recommend that you speak to a qualified financial adviser to help you decide what’s best for you and your family.
Specialist companies such as MLC offer the full range of personal insurance covers and premium options and can also help you find a financial adviser.
The best time to get insurance
The best time to make decisions about financial protection for you and your family is when you’re fit and healthy. Your decision will be easier, because you won’t have the emotional pressure of an accident or illness to deal with.
We rarely think about getting sick or injured and the impact it may have on our families. However, the future can be uncertain, so a little forward planning and good financial advice can make a huge difference to your future financial wellbeing and your life in Australia.
Information supplied by:
MLC Limited
AFS Licence No. 230694
Phone: 132 652 ( within Australia)
Phone: +61 3 8634 4721 ( outside Australia)
Website: www.mlc.com.au
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