Insurance Advice
One of the foundations to a sound financial plan is planning for the unforeseen.
At Donmont Capital, we assess your current insurance strategy and provide tailored insurance advice that suits your needs to ensure that your loved ones and assets are protected. We have access to a wide range of insurance providers allowing us to determine the best value for money to give you peace of mind
Achieve Financial Freedom Right Now
Group Cover VS Retail Cover
Group and Retail are two types of insurance products that can be obtained directly from the insurance provider or have structured through superannuation. Group insurance refers to cover that is purchased in bulk by the super fund and is a form of “pooled insurance”. This is typically known for being a cost-effective, standardised type of insurance product. On the other hand, retail insurance is purchased individually and is tailored cover that is not automatically given to the individual. This is generally a more comprehensive product.
It is important to know what you are paying for and the benefits and disadvantages of your current cover. Get in touch with us today to find out more about your insurance product and if it is suitable for what you need.
Any Occupational TPD VS Own Occupational TPD
Total Permanent Disability makes up a very important part of an individual’s asset protection plan. TPD provides coverage in the event of permanent inability to work due to injury or illness. There are two main types of TPD cover: Any and Own Occupation. Any Occupation TPD provides coverage if an individual is unable to work in any occupation which they are reasonably suited by education, training or experience, whereas Own Occupation provides coverage if an individual is unable to work in their specific job. These different insurance definitions could make a massive difference if it ever came time to claim. Get in touch with us today to find out more about your insurance product and if it is suitable for what you need.
Widgets – Insurance Product Strategies
Life Insurance
Life insurance pays out a lump sum benefit to the policyholder’s beneficiaries upon the insured person’s death.
This benefit can help replace lost income, pay off debts, cover funeral expenses, and provide financial support to loved ones.
TPD Insurance
Total Permanent Disability insurance provides a lump sum benefit to the insured person if they are unable to work due an injury or illness.
There are three tiers of definitions: Activities of Daily Living (ADL), Any Occupation and Own Occupation which offer varying levels of coverage.
This benefit can help replace lost income, pay off debts, cover medical and rehabilitation costs.
Trauma Insurance
Trauma insurance pays out a lump sum benefit to the insured person upon diagnosis of a specified critical illness or injury covered by the policy.
Common covered conditions include cancer, heart attack, stroke, and major organ transplant, among others.
This benefit can help cover medical expenses, rehabilitation costs, home modifications, debt repayments, or other financial obligations during their recovery period.
Income Protection
Income protection insurance pays a monthly benefit to the insured person if they are unable to work due to illness or injury, providing a source of replacement income during the period of incapacity.
The benefit amount is usually a percentage of the insured person’s pre-disability income, and depending on the policy can range from 70%-85% (not including super contributions).
Income Protection policies also have additional components called Waiting Periods and Benefits Periods which refer to the time the insured person must wait, unable to work, before they can claim on the benefits as well as the maximum amount of time the insured person can be on claim for.
