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Life Insurance and TPD Insurance

Discussion in 'General Motorcycling Discussion' started by lil, Nov 12, 2006.

  1. I know this is not a very cheery topic, but I thought it would be good to open up for discussion/consideration in light of the recent serious injuries sustained by Lenna and Mick.

    I had a call from mum about 5 years ago to warn me that I would be having a health check completed on me by a nurse as I was being insured for Life and TPD. At the time I thought she was being ridiculous but, as she explained, if something happened to me she would be the one left to look after me. Any claim on that insurance would be used to convert the house to be wheelchair friendly and cover any nursing and other costs I may require.

    This only popped into my head just now, but I will be talking to Stookie about covering him, especially with our impending wedding and us being together through 'better or worse'.

    This could be something well worth talking to with your loved ones, be they parents, siblings, partners, etc. You should also consider organ donation and make sure your wishes are known.
  2. Both of us have life insurance etc even before the bikes, and have had organ donation marked on licence from day dot. Both son1 & 2 have it marked on there licence.
  3. Did this 8 years ago when my late wife was diagnosed with cancer,
    Not saying how much but if the worse does ever happen I know both Nadeen and my kids will be able to cope on the $$ side of things :?

    Nadeen is uping hers asap ( to include me :LOL: ) and now both my kids are able they can start paying there insurance themselfs :twisted:

    Personal insurance may be a hard topic to talk about with your loved ones, but better now while you can !

    Also best let someone know where all your polices are kept so they can be got at if and when needed.
  4. A very good idea, but be careful because you may be duplicating or spending more than you need to. Most, if not all, superannuation policies including a Life and TPD (Total and permanent disability) insurance component (with this often being paid by your employer or just a 'free' inclusion with the super policy). So if you have superannuation, you most likely already have Life and TPD insurance.

    A good idea is to check those insurances attached to your super, if you have it, and once you review your requirements (eg. $ payout amounts) either bump-up the super attached policies, drop them and get your policy('s) elsewhere, or get "top-up" policy('s) elsewhere. I'm happy with my super attached policy for life and TPD, and just top them up with further amounts to meet additional $$ requirements for family should either event occur
  5. I have had life ins since i became a mum at 21. didnt like the thought of either of us dying and leaving the other with a hefty mortgage and kids to provide for. have remarried and shaun and i both have life ins. our supers do have a life ins component but its rather measly compared to what our debts have been. yes its not a nice topic but people should be realistic too, our lifestyles are riddled with debt, most families have 2 parents working to keep head above water, so i see life ins / income protection just as relevant as other forms of insurance. Dont think that you may just pop off due to a road accident either. I could think of nothing worse if I was gravely ill and having to watch my family asset strip to help me and knowing that there would be no form of reimbursement at the end for them. its not that dear either. we have $300 g on each other for $42 per month.
  6. Yes, Life insurance is just one of those things that you have to look at.

    I took out my insurance when I started working full time for myself.

    I have TPD, Income and Life Insurance so that I am covered for most things.

    One thing that was on my policy was Motorcycle Racing, and I questioned it with my insurance broker, as they wanted to classify Motorcycle Riding as Motorcycle Racing.

    That was cleared up and the insurer has covered me no worries.

    Sad to say, but you have to plan for the worst sometimes.

  7. thanks for bringing it up Lil. Ken & i have discussed exactly the same recently. when i first got a bike i took out Income Protection Insurance, but i think it's time to upgrade.
  8. Just make sure you have enough cover. You need a surprisingly large amount. Also be aware the policies are cheaper and easier to get when you are young and in perfect health.
    The two scenarios to consider are death and permanent disability. Permanent disability is a very costly expense and one that many people dont consider.
  9. I've always wondered about injuries at Track Days, although there is usually an insurance policy covering the actual event, but if you void any life or permanent injury policy by having a nasty at a Track Day.

    Of course some people on here will say it will be alright but until someone tests it (the hard way) we wont really know :roll:
  10. I have both. Before i held a bike liscence.

    Life insurance can be something like 500 a year for $350,000 coverage (age and health dependant) If you can pay that much to insure a commodore for $12 000, its not a bad deal.

    Got personal income protection insurance also. $18 a week, covered for 75% of my best 12 month period over last 3 years, till i return to my job and covered till retirement age. Get most back in tax at end of year. beware with this 1 though. its amazing howmuch clauses change between companies. I found AMP to be best
  11. Always best to read your policy, and if you have any queries on it, speak to your Insurance Broker, Financial Advisor, or insurance company.

  12. As some people have said your super package may already have it, with mine (STA) i can choose how much i have
  13. Don't forget to notify your life insurer that you now hold and ride motorcycles under your disclosure requirements or an injury while riding may not be covered.

    This would apply to anyone who takes up riding after getting a life or disability policy.
  14. Can any body recomend a biker friendly insurance including income protection.


  15. My policy is through Zurich. I have no ideas of the finer details, though, as mum gets all the paperwork, etc sent to her as she's the one paying it. She organised that one through a broker friend of hers, so was good when I was signed up (5 years ago...things do change, though).