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Gary S.
Gary S.
Springvale, VIC

I’ve recently started my own business after being made redundant and looking for insurance advice. We have a rather large mortgage so I’d like to understand the options available for income protection, trauma or accident – is one more important than the other?

last year


Hi Gary,
This is a great question. Many small business owners fail to protect their most valuable asset- themselves!
I would strongly recommend that you sit with an insurance specialist to ensure you cover all of your needs in the best way possible.
You can try Coghlans in Camberwell or search the list of experts on SimplyAskIt
Best of luck with your insurance and your new venture

Hi Gary,

I can assist with helping you determine what types of insurance are most appropriate for your circumstances & then appropriate levels of cover from there.

This isn’t something that can be easily answered on a forum like this as everyone’s needs are different. Best if we spoke over the phone/met in pension/ held a Skype call.

Please reach out if you would like my help.

03 9909 5800


Hi Gary,
There are a variety of different options depending on your lifestyle and circumstances obviously.
The main types of cover are: Life Insurance, Total & Permanent Disability (TPD), Trauma and Income Protection. There are so many different options with various insurers, so it is hard to pin point an answer without a basic conversation first.
However, a couple of things to think about are:
Life Insurance - you may want to consider owning it in super, as you can claim the premiums as a tax deduction.
Regarding Income Protection (IP), it is different to Trauma as IP pays a monthly benefit which is aimed at replacing your income prior to claim.
Trauma is generally paid as a lump sum of a listed traumatic event has been suffered (Eg: cancer, heart attack, stroke)
Neither is more important than the other, however IP is usually more common as it covers all aspects of sickness and injury instead of a listed event.
With this in mind, IP is made up of 3 main parts:
a) monthly benefit
b) waiting period (the length of time from sickness or accident till the day the benefit begins being counted - usually 14, 30, 90 days)
c) benefit period (maximum length of time the benefit will be paid - usually 2 yrs, 5 yrs or till age 65)
Considering you are just starting out in business, there is an option these days to pay the premiums via super to help with cashflow. But this needs to be done properly by an insurance specialist to avoid problems at claim time.
I hope that helps answer some questions for you.
Regards. Paul

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