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:
- Pay for your treatment and care
- Gain access to the full range of rehabilitation services
- Relieve financial pressure by reducing debt
- Allow your spouse to take time off work to be with you or look after the children
- Employ a carer, nanny or home help
- Fund the gap between what you earn and the 75% cover from income protection
- Give flexibility to amend your lifestyle or spend more time with family.
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 your recovery.