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Some helpful add-ons to enhance your cover

Considering a more robust insurance plan or curious about your options? There are several add-ons available to enhance your existing coverage. In this article, we'll unveil five valuable extras that could bring more security and peace of mind. Don't hesitate to contact us if you'd like to explore these benefits further.

Life insurance: accelerated trauma benefit

Have you considered taking out a Trauma policy and ‘accelerating’ it against your life insurance?  With trauma insurance, you can secure a lump sum for financial support, helping you and your family manage medical expenses or adjust to a new lifestyle if you are diagnosed with one of the specified events in your policy. Accelerating the cover against your life insurance usually offers you slightly lower premiums than the same level of cover on a ‘stand-alone’ basis, meaning you may be able to make your insurance premiums budget go further.

It’s called an ‘accelerated’ benefit because the trauma insurance claim payment reduces your life insurance amount by the amount of the claim. For example, if you have a $400k life insurance and claim on your $100k trauma policy, your life insurance amount will be reduced by the amount paid for your trauma claim. However, you may be able to buy back the difference after a specified period of time, depending on your particular policy.

Health insurance: broaden your options

Health insurance plans can range from basic surgical coverage to comprehensive packages that cover doctor visits, dental care, and vision services. Including dental and vision add-ons can ensure you receive necessary care for your oral and eye health, preventing unexpected out-of-pocket costs. 

Make sure you assess your needs and choose a health insurance plan that covers these services, if they’re important to you. We can help you review your existing cover to find out what’s included in your policy and what’s not. 

Income protection: keep up with inflation

In the current economic climate, inflation is an important consideration for income protection insurance. Some insurers offer inflation protection as an add-on, allowing your future monthly claim payments to increase in line with inflation. This helps maintain your purchasing power and ensures that your financial safety net remains aligned with the cost of living. Adding inflation protection to your income protection insurance can bring you peace of mind during uncertain times.

Trauma insurance: TPD and family protection

Trauma insurance provides a lump sum in case of specified injuries or illnesses. You can either take it out as an accelerated benefit (as we’ve seen before with life insurance) or as a stand-alone policy with its own additional benefits. Also, some insurers offer children’s and maternity benefits, so you can add an extra layer of protection around your family’s future. 

The Total and Permanent Disablement Condition (TPD) add-on can be a great way to get an additional lump sum if you can’t return to work due to total and permanent disability. 

We’re here to help

If you’d like to review your existing cover or explore your options for a new policy, get in touch. We can help you find appropriate cover for your needs.


Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.