If you’ve got insurance through your employer - that’s a fantastic start.
Here are a few things to consider:
It’s Not Comprehensive or Tailored to Your Situation
Many work-based policies are one size fits all approach and often don’t include trauma cover, total permanent disability (TPD), or full income/mortgage protection – all of which can be crucial if something unexpected happens. Without these, you may be left exposed at the worst possible time. Because it’s not based on your unique needs, financial goals, or dependents. That means you could be underinsured without even realising it.
The Policy Isn’t Owned by You
When your employer owns the policy, they control it. They can adjust the level of cover, switch providers, or cancel it altogether. If you leave your job or get made redundant, your cover usually disappears with it. In a lot of instances there is a continuation option so it’s important if you are leaving your workplace and have cover that you get some advice around whether it’s a good idea you continue it or not. For example clients with pre-existing conditions might benefit from the lower rates and better terms offered with continuation.
What Can You Do?
The good news is: you can arrange private insurance which will compliment your workplace policy.
Rather than disregarding your work insurance, you can supplement it with personal cover that fills in the gaps. This ensures you’re properly protected for what matters most — your family, your health, your income, and your future.
A personalised insurance plan can often include:
- Medical Insurance – placing your health first by providing state of the art cover for the latest surgeries and treatments all while keeping you off the public wait list.
- Income/Mortgage/Rent Protection – so you can still pay your bills if you can’t work due to an illness or injury.
- Trauma Cover – to help you recover financially from serious illness or injury.
- TPD Cover – to support long-term adjustments if you can’t return to work in yours/any occupation.
- Life Cover – that stays with you, no matter where you work and provides a lump sum in the event of passing or a terminal illness.
Work insurance is a great benefit, but it was never designed to be your full safety net. We can help you understand what your current cover includes (and what it doesn’t) and show you how to build a more complete protection plan that’s all about you.
Ready to review your cover? Let’s make sure you and your family are protected properly.