It is important to work out individually what you need to protect and how much cover you need. But the lump sum payment can be used for goals such as:
- reduce or clear your home loan and other debts
- cover medical and rehabilitation expenses
- generate on ongoing income stream to help you to meet your future living expenses
- employ paid carers
- pay for modifications to your home or vehicle
- set money aside for future education costs for your children
- protect your long term wealth accumulation strategy.
Without insurance, you and your family or dependents may need to run down savings, sell assets, and/or rely on family or Centrelink for assistance. You may find it difficult to maintain your standard of living or pay for the care and medical assistance you need. This can place extra stress on you.