Hello Fellow Providers,
If you become sick or injured and are suddenly unable to work, it can really throw your life into chaos – and that includes your finances. When your income suddenly stops, you’ll quickly realise the real cost of injury of illness – especially if you don’t have a plan in place. Today we’re diving into what you can do to protect yourself and your family from the unexpected.
1.What can I do to protect myself and family?
The first step is simple but often overlooked: have the conversation—with your partner or with yourself. Ask: “If something happened to me tomorrow, what happens to my family and myself financially?”
If the answer is unclear, you may have a gap in your plan.
The next step is to put the right personal insurances in place so that, no matter what happens, your family remains financially secure.
2. What Insurance do I need?
This depends on your situation. There are 4 main types of personal insurances.
Life Insurance
Life insurance pays a lump sum benefit to your nominated beneficiaries if you pass away or are diagnosed with a terminal illness (as defined by the insurer).
Used For:
- Providing financial security to your family
- Paying off debts such as a mortgage
- Covering future expenses like children’s education
- Ensuring your family can maintain their lifestyle
TPD Insurance
TPD insurance pays a lump sum if you become totally and permanently disabled and are unable to ever work again in your occupation or any occupation (depending on the policy definition).
Used For:
- Covering medical and rehabilitation costs
- Funding long‑term care needs
- Paying off debts or adjusting your home for accessibility
- Replacing the income, you can no longer earn
Income Protection
Income protection insurance provides a regular monthly payment (typically up to 70% of your income) if you are unable to work due to illness or injury for a period of time. If you are an employee it may be part of the personal insurance cover provided by your superannuation fund; self-employed or business owners will most likely need to organise their own income protection.
Used For:
- Maintaining your day‑to‑day living expenses
- Covering rent/mortgage payments and bills
- Providing financial stability during recovery
- Protecting long-term savings and assets
Trauma Insurance
Trauma Insurance pays a lump sum if you are diagnosed with one of the specified serious medical conditions, such as cancer, heart attack, or stroke.
Used For:
- Covering immediate medical costs
- Funding treatment, specialists, or alternative therapies
- Allowing time off work to recover
- Reducing financial pressure during a major health event
3. Why do I need a Financial Planner to organise this?
Insurance is only valuable if it’s set up correctly.
A financial planner helps ensure:
- You select the right types and amounts of cover
- Definitions match your occupation and needs
- The policy is structured tax‑effectively
- Claims are more likely to be paid when you need them
The consequences of having the wrong cover – or no cover- can be financially life‑changing. Having professional guidance helps protect you from costly mistakes.
Minimising the Cost of Injury and Illness
If you haven’t already planned for what happens if you can’t work, now is the time. Your future self – and your family – will thank you.
Don’t let the cost of injury or illness foil your hopes and plans. Book your no obligation initial consultation with one of our Brisbane Financial Planners today.
Joshua Napier
Financial Planner
Fleming Financial Planning