What personal insurance covers in Australia includes four main types life, total permanent disability TPD, income protection and trauma, covering death, disability, illness and income loss $500K to $1M, costing $50 to $200 per month total. Personal insurance, also called personal risk insurance, covers life insurance $500K to $1M lump sum if you die or terminal illness, costing $30 to $80 per month for $500K to $1M cover for 30 to 40-year-old non-smoker. TPD total permanent disability $500K to $1M lump sum if you permanently disabled and cannot work, costing $20 to $50 per month for $500K. Income protection 75% of income up to $10K to $20K per month if you cannot work due to illness or injury, costing $30 to $100 per month for $5K monthly benefit with 30 to 90 days waiting and benefit to age 65. Trauma insurance $100K to $500K lump sum if diagnosed serious illness like cancer, heart attack and stroke, costing $30 to $80 per month for $200K cover. For example, 35-year-old $750K life $50 per month, $500K TPD $30, $5K income protection $60 and $200K trauma $50 total $190 per month for $1.45M cover. So personal insurance covers life $500K to $1M if you die, TPD $500K to $1M if permanently disabled, income protection 75% income up to $20K per month if sick, and trauma $100K to $500K if serious illness, costing $50 to $200 per month total for comprehensive personal cover.
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