A guide to personal risk and protection of your wealth


At Avoca we help you manage your general insurance risk. But have you ever considered the personal risks you and your family face and what would happen to your family should you die, be unable to work, or suffer a serious illness or injury ?

Why Personal risk insurance?

It’s not something anyone likes to think about, but life is uncertain and the unforseen death or illness of a family member can significantly impact your family’s financial position and lifestyle. Such events can create significant stress and put at risk years of hard work, jeopardising your assets, future retirement and income.

Personal risk insurance shifts this financial burden to the insurers. It provides peace of mind for you and your family whilst providing financial security through lump sum payments or the guaranteeing of your income. There are a range of solutions available and it’s important to seek expert advice to obtain the best solution.

To assist you further we have provided an outline of the different types of risk insurances and how these manage your personal risks. Hope you enjoy the read!

Life Insurance

Life insurance provides financial protection for your dependants. The cost depends on the amount of cover and can be paid personally or through Superannuation. The most appropriate policy is one that strikes a balance between premiums and affordability. This cover can be used to repay your mortgage, provide an investment sum for your family, or to fund the sale of a business should one of the owners dies.

Total and Permanent Disability (TPD)

Total and Permanent Disability insurance or TPD pays you a lump sum if you are no longer able to work again because of illness or injury. TPD can be used to repay your debts, cover medical expenses, or provide for your dependants. This cover can also be paid through Superannuation, and can also fund the sale of a business should a principal become disabled.

Income Protection

Believe it or not, but your ability to earn an income is one of your most valuable assets. Income protection insurance replaces your income if you can’t work due to illness or injury. The cover usually insures 75% of you income to age 65. The premiums payable are usually tax deductible and any payments you receive under the policy are classed as assessable income for tax purposes.

Trauma Insurance

Trauma insurance pays a lump sum if you suffer a specified traumatic event such as the diagnosis of cancer or coronary disease and the benefit is paid when diagnosis is confirmed. This provides a lump sum payment for use at a difficult time of recovery or when fighting off serious illness or disease. Trauma Insurance can be used personally or as Key person insurance within a business.

As a valued Avoca client, we strive to help you manage your risks and have negotiated the opportunity for you to receive a no obligation free appraisal of your current circumstances with fully accredited experts in the field of risk management and wealth protection. If you would like to arrange an appointment with one of our preferred suppliers contact us and we will arrange an appointment for you.