Insurance

Protect your family against the impact of accident and illness through personal protection including Life Cover, TPD, Income Protection and Trauma insurance.

Financial Protection

The first question you need to ask yourself is, how much financial protection do you need? Most people let slide when their individual circumstances change. For example when you get married or have children. Although we don’t like to think about it, life can be unpredictable.

Often we focus on protecting our assets like our homes and our cars, but don’t have a plan in place to protect our loved ones from unforeseen financial hardship. At One Plus One we can assist you to develop a risk management plan specific for you and your family and business situation. We help you decide how much is enough to keep you and your family’s lifestyle, dreams and future financially secure. 

A sound protection strategy comprise of the following key types of insurance:

  • Income Protection
  • Life Cover
  • Trauma Insurance
  • Total and Permanent Disability
  • Business Expenses Insurance

Income Protection

If you are injured or have a long term illness Income Protection pays you a monthly amount while you are unable to produce an income as a result of the illness or injury. 

Do I need income protection? You may consider income protection if any of the following apply to you:

  • Have a mortgage, pay rent or school fees
  • Want additional security for your family
  • Rely on a regular income for daily living expenses
  • Want to be able to maintain your lifestyle in the event of unforseen illness or injury.

Many policies cover up to 75% of your salary if you are totally or partially disabled. By replacing your regular income,

Income Protection payments can help you and your family maintain a level of financial normality during an unplanned change in your health. Income Protection gives you the financial freedom to focus on your recovery or treatment, without having to worry about regular bills and expenses, and that is genuine piece of mind.

One Plus One can help you choose the most appropriate ‘waiting period’, which is the time between becoming unable to work and receiving your first income protection payment. We can also help you with deciding on the ‘benefit period’, which is the period during which you receive your income protection payments. Income protection can be set up in such as way that costs can be partly funded by Superannuation in certain circumstances, and in most cases this cost is tax deductible.

Life Cover

Life Cover provides much needed financial security in a time of grief and great uncertainty. You probably know Life Cover as ‘term life’ or ‘life insurance’. 

What Life Cover does is provide a lump sum on your death or on the diagnosis of terminal illness. The lump sum payment can help cover mortgage repayments, living expenses, rent and ultimately funeral costs. 

Life Cover is a way to provide financial support when your family need it most. Life cover gives you peace of mind knowing that your family will not suffer financial hardship when you are no longer around to provide for them. Many people take Life Cover when purchasing a property to make sure at the very least your family won’t loose their home if the primary bread winner dies.

The right amount of Life Cover differs based on your personal circumstances. We can help you calculate an appropriate sum insured for your situation, to reflect your debts and the ongoing income requirements of your dependants.

There are several different options when it comes to life cover. Some life insurance companies offer added features and benefits, such as a funeral advancement benefit and grief support services, all of which we will take into consideration when discussing your particular situation.

Trauma Insurance

Trauma insurance or as it is sometimes know Recovery insurance – provides you with a lump sum on the diagnosis (or occurrence) of one of a list of specified serious medical conditions and procedures. Each insurance company maintains their own list, but they generally include serious medical conditions such as cancer, heart attack or stroke and many others.

Trauma insurance can be used to:

  • Pay your out-of-pocket medial treatment costs.
  • Allow you to make lifestyle changes so you can focus on your recovery – such as permanently reducing the number of days you work.
  • Take a short-term career break or family holiday.

Trauma insurance may also allow a partner to take extended time off work to assist in the recovery of their loved one. We can help you accurately assess your circumstances and calculate the appropriate level of cover to protect you and your family. Many people take Trauma Insurance in combination with Life Cover.

Total and Permanent Disability Insurance

Total and Permanent Disability Insurance, or as it is sometimes known TPD insurance, provides a lump sum if you suffer an illness or injury that leaves you totally and permanently disabled. Total and permanent disability can be both financially and emotionally devastating particularly if you have not taken any form of insurance to protect your income. 

Many people use TPD insurance to pay debts, medical expenses or fund any permanent lifestyle changes resulting from disablement.

It is worth knowing that TPD definitions can vary depending on the particular product and insurance policy. Most companies allow you to choose whether you want coverage against being unlikely to be able to work in your ‘own’ occupation or in ‘any’ other occupation again, after suffering an illness or injury.

How much cover do I need?

At One Plus One will help you consider what definition is most appropriate for your personal circumstances and calculate the appropriate level of cover to protect you and your family.

We help you compare benefits, discuss premiums and better understand TPD definitions based on the product that you select.

Business Expenses Insurance

What happens to your business if you are unable to work? Business Expenses Insurance gives you peace of mind that you have a plan in place to keep your business running in the event that you are unable to work.

Business Expenses insurance pays a monthly benefit to cover fixed business costs if you suffer an illness or injury. It works on a similar principle to income protection, paying a monthly benefit. However, its purpose is significantly different.

Business Expenses insurance is designed to cover the fixed day-to-day costs (up to the monthly benefit) of running your business in your absence, such as:

  • Office rent or fees plus interest on your property loan
  • Leases on cars, equipment or plant machinery
  • Insurance and security costs
  • Bills – such as electricity, gas, cleaning
  • Salaries and staff superannuation
  • Costs of a locum to help out while you focus on getting better.

Like Income Protection, Business Expenses policies are very flexible and can be tailored to suit your individual needs and circumstances.


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Disclaimer – ​Brady Henley, One Plus One Financial Solutions Pty Ltd and One Plus One Plus Wealth Solutions Pty Ltd T/A One Plus One Financial Solutions are Authorised Representative(s) of GWM Adviser Services Limited ABN 96 002 071 749, trading as Garvan Financial Planning an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies.
General advice warning: This website contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstance Please seek personal advice prior to acting on this information.
Finance products and/or services offered by One Plus One Financial Solutions Pty Ltd and its associated entities is not authorised by GWM Adviser Services Limited ABN 96 002 071 749.
Garvan Financial Planning is not responsible for the finance advice and/or services provided by One Plus One Financial Solutions Pty Ltd.