Understanding personal insurance
For some, insurance is often seen as an expense towards something they will never use. And hopefully that is the end-result. But with the ever-escalating cost of living, having no or inadequate personal insurance can have devastating financial consequences on the individual and their dependants should disaster strike.
This module provides an overview of the key types of personal insurance available including:
- Life and Total and Permanent Disablement (TPD) insurance including understanding the difference between unitised versus fixed cover
- Income protection and trauma cover
- Accessing personal insurance through your superannuation including the benefits and drawbacks
- Taxation of insurance benefit payments when paid from a policy within super versus outside of super
- Understanding the underwriting process
Curriculum
11
Important information
Introduction
Life and TPD Insurance
Life and TPD insurance: Unitised versus fixed cover
Income Protection and Trauma insurance
Personal insurance through your superannuation
Pros and cons of insurance through superannuation
Taxation of benefit payments
Insurance underwriting
Conclusion
Short Quiz
