Insurances are there to protect us.  We generally think nothing of taking out car insurance, travel insurance or contents insurance.  But Australian’s in particular are an under-insured nation when it comes to insuring ourselves.

Taking out a home loan is a major life decision, one that is completely dependent on your ability to meet repayments.  Quite often the loan repayment is dependent on the incomes of more than one person in the household.  Imagine what your family’s life would be like if you or your partner died or became seriously ill and couldn’t work.  Would you be able to survive financially?  If you were unable to work as a result of an accident or ill-health wold this expose you or your family to financial difficulty?  Insurance can provide the money you or your family need in these critical times.

Some of the statistics:

  • 1-in-5 Australian families will experience unexpected death, accident of illness of a parent
  • Raising 2 kids in a middle income family will costs around $812,000.
  • The typical default amount of life insurance cover in superannuation is around $200,000 (only 30% of what is required to raise the typical family)
  • The average Australian family needs 35% of their incomes to service mortgage costs.

20% of mortgage defaults are due to illness of accident.

Murray Home Loans has an insurance referral arrangement in place with TAL, Australia’s leading life insurance specialist.

TAL provide 4 main types of insurances:

  • Life Insurance: put simply, if you die, your loved ones will receive a lump sum payment to look after their future.
  • Total Permanent Disability Insurance: This is insurance if you can’t work as the result of an accident or injury that leaves you permanently disabled, so you can still make the most of life.  You receive a lump sum payment.
  • Recovery Insurance: Also known as critical illness cover this insurance is a lump sum paid out in the event you are diagnosed with a covered illness.  This allows you support you and your family during treatment.
  • Income Protection Insurance: This replaces the income lost through your inability to work due to injury or sickness.  You can choose cover up to 85% of your current income.  It is also available for the self-employed.

If you would like to know more about these products or to receive a quote please contact us.