Personal Insurance at a glance ...
| Insurance Type | Description | Suitable for… |
| Life Insurance |
Pays a lump sum benefit on death or terminal illness.
Can be used to eliminate debt and help fund your family’s ongoing living expenses.
Optional Total and Permanent Disablement (TPD) Cover and Trauma Cover can be added. |
Families with dependents.
Anyone with debt who would not want their family to be burdened. |
| Total & Permanent Disability Insurance |
Pays a lump sum if you suffer a permanent disability (according to policy definitions) that prevents you from working.
Payments are generally not made until the disability has been evident for a period of six months, and until the insurer deems that you are unlikely to work again.
This type of cover is an optional extra offered by most life policies. |
Anyone who is currently working. |
| Trauma & Critical Illness Insurance |
Pays a lump sum upon the diagnosis of a specified injury or illness.
Cover is specific to a range of injuries and ailments such as heart attack, stroke, cancer and coronary artery disease (according to policy definitions).
This type of cover is an optional extra offered with most life policies or can be brought as a separate policy. |
Families with dependents.
People who don't earn an income
eg. non-working spouse. |
| Income Protection Insurance |
Replaces up to 75% of your average annual income as a monthly payment if you are unable to work due to illness or injury.
You can nominate when payments commence and the period the benefit will be paid for.
Premiums are fully tax deductible for most people. |
Families with dependents.
Working singles.
Self employed. |
IMPORTANT: The information on this page is generic in nature and does not take into account your personal needs and financial circumstances and cannot be relied upon to determine what insurance cover you should establish. KNM Services recommends you read the Product Disclosure Statement and the Financial Services Guide before acquiring any product.
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