Money is the last thing you’d want your family to worry about if illness or injury interrupted your income, or you were to pass away. Pinnacle Life provides four types of protection – life insurance, income protection, critical conditions cover and disability cover – so which would be best for you?

“The right cover is going to look different for everyone,” says Charlotte Finer, product and marketing manager at Pinnacle Life. “A good starting point is to decide what you want to protect. You can then choose a level of cover to fit your needs and budget.”

Here are four real-life scenarios that show how different types of insurance can help protect you and your family.

Your family loses you and your income

One of the most thoughtful things you can do for your family is safeguard them from financial hardship if you were to pass away. Life insurance could provide a lump sum to help them pay the mortgage, keep up with everyday bills and plan for the future. You could also receive a lump-sum payment if an illness left you with 12 months or less to live.

You’re unable to work for six months

If an illness or injury prevents you from working, income protection can replace part of your income after your selected waiting period, subject to the policy terms. This may be particularly valuable if you have limited sick leave or your income depends on your ability to keep working.

The Accident Compensation Corporation may replace part of your income if a covered injury prevents you from working, but it generally doesn’t cover time off work caused by illness. Income protection can cover eligible illnesses, as well as injuries.

You’re diagnosed with cancer

If your cancer meets the relevant policy definition, critical conditions cover could provide an early lump-sum payment from your life insurance. You can use this to pay for whatever you need – to help with additional expenses, replace lost income or reduce financial pressure so you can focus on your health. An optional addition to life insurance, critical conditions cover isn’t limited to cancer. The 37 other conditions covered include heart attack and stroke.

You suffer a permanent disability

If you become permanently disabled and meet the policy definition, total and permanent disability cover – another optional addition to life insurance – could provide an early lump-sum payment from your life insurance cover. This could help you to reduce debt, adapt your home or provide financial support as you adjust.

Protect your lifestyle for less with Pinnacle Life

Pinnacle Life is a CA ANZ Member Benefits partner that offers discounts to CA ANZ members. For more information click here.