Insurance
Plan for the unexpected
How would you and your loved ones cope financially if something were to happen?
In your 30s and 40s, chances are you feel invincible. You’re so caught up in life that thoughts of sickness, injury and death don’t rate a mention.
Planning for the unexpected now could save a lot of potential financial pain and pressure down the track, particularly if you have dependents to protect or debts to pay off.
How we help
Plan now to save a lot of potential financial pain and pressure down the track.
Identify the best ways to protect yourself and loved ones from future risks.
Explain the benefits of a range of personal insurance options such as income protection, life cover, disability and critical illness/trauma.
Insurance Providers
We provide you with the most comprehensive insurance for your needs.
Insurance Protection
Covers to Consider
There are cost effective ways to pay for your insurances. Speak to Coastline about paying for your insurance through your superannuation plan to free up your cash flow.
Income Protection
Provides up to 75% of your regular income if you have an illness or injury that prevents you from working.
Disability Cover
Provides a lump-sum which can be used to help cover living expenses and rehabilitation costs if you are totally and permanently disabled.
Trauma Cover
Provides you with a lump sum payment if you suffer one of a number of specified conditions. Trauma cover is generally not available through your superannuation.
Death Cover
Provides a lump sum to you if you become terminally ill or a lump sum or pension to your family if you die.
Life insurance calculator
There are many factors that affect the level of cover you need. Our insurance calculator can help you work out how much cover you may need.
About coastline Advice
We love financial advice
We help clients imagine the life they want, believe it is possible and help them achieve it.
We take the time to understand you and the life you want to lead.
We partner with you on your journey and life’s major milestones.
We provide informed financial advice to get you where you want to be.
Frequently Asked Questions
What is life insurance, and do I need it?
Life insurance is a financial product that provides a lump-sum payment to designated beneficiaries upon the death of the insured person or after a specified period. This payment, known as the death benefit, helps cover funeral expenses, pay off debts, replace lost income, and ensure the financial well-being of surviving family members.
Whether you need life insurance depends on your circumstances, such as having dependents, debts, or financial obligations that would need covering if you were to pass away. Speak to one of the financial advisers at Coastline Advice to help you decide if life insurance is right for you.
What is income protection, and do I need it?
Income protection replaces a portion of your income if you become unable to work due to illness or injury. It provides financial support to cover essential expenses like mortgage payments and bills during your recovery period.
Whether you need disability insurance depends on your financial obligations and the importance of your income to maintaining your lifestyle. Speak to one of the financial advisers at Coastline Advice to help you decide if income protection is right for you.
How much income protection do you need?
Determining how much income protection you need depends on factors like your monthly expenses and existing savings. A typical guideline is to aim for coverage that replaces about 75% of your pre-tax income.
Speak to one of the financial advisers at Coastline Advice to help you decide on the appropriate level of coverage based on your situation.
How much does life insurance cost?
The cost of life insurance in Australia can vary widely depending on several factors, including your age, health, lifestyle, occupation, and the type and level of coverage you choose. On average, life insurance premiums can range from around $20 to $100 or more per month for a basic policy, but this can increase significantly for higher coverage amounts or more comprehensive policies. Factors such as smoking status, pre-existing medical conditions, and the length of the policy term can also affect the cost.
It’s recommended to compare quotes from different insurance providers and consider consulting with a financial adviser to find a policy that meets your needs and budget.
Can I switch health insurance funds?
Yes, you can switch health insurance funds in Australia. The process involves comparing policies from different providers, choosing a new policy that suits your needs, and applying to switch. Ensure there are no gaps in your cover by making sure the new policy starts immediately after the old one ends. Review waiting periods and any pre-existing condition rules with the new provider.
It’s advisable to speak to a financial adviser to ensure you are getting the right coverage and best rate.
What is Trauma cover, and do I need it?
Trauma cover provides a lump-sum payment if you are diagnosed with a specified critical illness or medical condition covered by the policy, such as cancer, heart attack, stroke, or major organ transplant. This payment can help cover medical expenses, living costs, and other financial obligations during your recovery period. Whether you need trauma cover depends on your individual circumstances, such as your existing health coverage, financial responsibilities, and the level of risk you are willing to bear.
It can be particularly beneficial if you have a family history of critical illness or if you want financial protection in case of a serious medical diagnosis. Speaking to one of the financial advisers at Coastline Advice can help you determine if trauma cover is suitable for your needs.
Does my superannuation fund include insurance?
Some superannuation funds in Australia include insurance as part of their offerings, however not all. This insurance typically includes three types of cover: life insurance, total and permanent disability (TPD) insurance, and income protection insurance. The cost of insurance is generally deducted from your super balance, and the level of cover can vary depending on the superannuation fund and the type of insurance policy chosen.
It’s important to speak to a financial adviser to review the insurance options provided by your superannuation fund and consider whether additional or different cover is needed to meet your needs.
Should I have an emergency health fund as well as insurance?
Yes, having an emergency health fund in addition to health insurance is advisable. While health insurance covers many medical expenses, it may not cover all costs, such as deductibles and non-medical expenses. An emergency health fund provides a financial buffer for unexpected healthcare costs and ensures you have peace of mind during a health crisis.
Aim to save at least three to six months of living expenses, including potential healthcare costs, in your emergency fund. This combination of health insurance and an emergency fund helps protect your financial health and provides comprehensive coverage for unforeseen medical needs.
What Coastline Advice Stands For
Authenticity
We are real people that genuinely want to see you achieve the future you want.
Connection
We are locals, living and breathing where we work and sharing a passion for our local community with our clients.
Outcomes
We partner with our clients to help them achieve their ideal lifestyle, whatever that may be.
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