As I get older I start to think about insurance more. I wonder if it’s better to have a Life and Trauma policy with connected benefits, Trauma Plus, buy backs ETC or is it better to have comprehensive Health Insurance?
I realise I need to decided what’s best for my and all that Jazz, but as professionals in the industry what’s been your experience with things like this and if it was you, what would you opt for ?
JT. I am a great believer in life & trauma insurance, and also have health insurance. They are mutually exclusive forms of protection. Everyone hates insurance, or at least, they hate having to pay premiums. We only love it when something bad happens and we have the insurance protection. You need to talk to a Financial Planner and complete a full work up to determine exactly what level of protection you need. A lot depends on your life situation, i.e. family, kids, debt levels, savings etc. My actual advice is - "Don't delay in doing this".
I think it is most important to start with the need.
If you have the need then all the forms of cover are important.
Health Insurance - firstly, are you going to pay the extra Medicare levy if you don’t have this. If so, this becomes a no brainer.
If you need life insurance and Trauma then having them linked means you will save money.
Buy back for me is a must, everyone who I have helped with a trauma claim always wants more 😂. After suffering a claimable event, applying for cover becomes so much harder so having the choice to get some cover back is always a good option to give you the power.
Best tip, focus on the need then the strategy and pricing will take care of itself.
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