Two Mile Bay has access to the 12 major insurers and offers comprehensive and tailored insurance advice to protect you and your family in the event of illness, disablement or death. Two Mile Bay will also review your current superannuation funds to see how they align with your risk profile, needs and objectives.
Income protection insurance provides a regular (usually monthly) payment, if the insured person is temporarily disabled due to illness or injury. Most policies will allow the person to insure themselves for up to 75% of their gross income.
A monthly benefit is paid to the owner of the policy for the length of the benefit period, if the insured person is still disabled after their waiting period has expired.
Term life insurance provides a lump sum benefit if the insured person dies. The benefit is paid to the owner of the policy, if they are different to the life insured. If the owner is the same as the life insured, the benefit is paid to the nominated beneficiary, or the insured person’s estate.
TPD insurance provides a lump sum benefit, if the insured person is totally and permanently disabled.
Trauma or critical illness insurance provides a lump sum benefit, if the insured person is diagnosed with one of the specific medical conditions listed in the insurance policy.
The medical conditions covered vary with each insurance provider, but generally cover cancer, heart attack and stroke. Trauma insurance may be offered with term life insurance as linked cover. When trauma insurance is taken out with term life insurance, trauma sum insured cannot exceed the term life sum insured. Trauma insurance can also be taken out as stand alone cover.
Business expenses insurance covers the fixed costs of running a business if the owner is temporarily unable to work due to ill-health. It covers costs including staff salaries, rent, business mortgage payments, utilities and rates.
Key person insurance protects businesses from the loss of a key person whose capital, knowledge, client base or experience are vital to the company. For example, a company director, an employee with specialised skills, a salesperson who is responsible for providing a large portion of business revenue or a key supplier.
Business succession refers to planning how a business will be managed in the event of death, illness, injury, retirement or departure of one of its owners.