What types of insurances are covered by the term ‘life insurances’ in Australia?
The phrase ‘Life Insurances’ is an umbrella term covering 4 main types of personal insurance policies, each designed to protect against a specific known risk to a person.
- Life insurance - protecting against unexpected death or terminal illness
- Crisis Recovery Insurance - protecting against a list of known serious medical issues like Heart Attack, Cancer and Stroke etc.
- Income Protection - protecting a person’s ability to continue to earn their income
- Total & Permanent Disability (TPD) - protecting against a long term disability