Personal Insurance

What is personal insurance?

Personal insurance protects you and your family in case something unexpected happens that affects your ability to earn an income.

Most people already insure themselves against the loss of physical assets like their house or car. But not enough people realise that their most important asset is their ability to earn an income. The financial impact of losing your income can be as big as losing your house, and a lot bigger than losing your car or smartphone. That’s why personal insurance exists.

Is personal insurance for me?

At CRA, we think everyone should have at least some personal protection insurance. But there are specific life events that often prompt people to seek out this form of insurance, or to review their current cover. These are events that bring a major change to your financial situation and lifestyle, including:

  • Starting a family
  • Buying a house
  • Taking on debt
  • Changing job or career, or becoming self-employed
  • Intergenerational Risk and Estate Planning

Who is CRA?

Complete Risk Analysis (CRA) is a firm of specialist risk advisers. (“Risk”, in financial services jargon, refers to advice around personal protection insurance.) We work closely with you, and with your other financial services professionals, to tailor your personal insurance cover to your lifestyle and financial situation.

We also help you (or your family) through the entire claims process, if you ever need to make a claim. Since CRA was founded in 1998, we’ve helped our clients receive millions of dollars from successful insurance claims.

Meet our expert team of advisers

Read about our process

Types of personal protection insurance

There are four main types of personal protection insurance, each with different “triggering” events. Most people should have a combination of some or all of the four types:

Life insurance
Event: Death
Pays: Death
For: Paying off debt, funeral and final (e.g. legal) expenses, replacement income for dependants, ongoing education costs etc.
Income protection insurance
Event: Unable to work due to illness or injury
Pays: Regular monthly income payments (limits apply)
For: Replacing usual income when you cannot work
Trauma insurance
Event: Critical illness and trauma events (e.g. cancer, heart attack, stroke, etc.)
Pays: Lump sum
For: Medical and recovery expenses, can be used to reduce debts
Total and permanent disability insurance
Event: No longer able ever to work due to illness or injury
Pays: Lump sum
For: Paying off debt, initial and ongoing care, retirement income

I have personal insurance as part of my super. Is that enough?

Some superannuation funds offer personal insurance as a member benefit. But these are “one size fits all” policies. They may not give you the level of cover you really need and they may be more expensive. A CRA adviser can look at the cover your super provides, and give you honest advice about whether it’s enough the quality of it and whether it’s price competitive.

If you have a self-managed superannuation funds (SMSF), we’ll partner with your financial adviser to make sure any personal insurance included in your SMSF gives you the level of cover you need.

Do I have to be referred to CRA?

No! It’s true that the majority of our clients are referred to us by our network of referring businesses. But we welcome enquiries from anyone. If you’re thinking about taking out personal insurance, or reviewing your level of cover, we’d love to talk to you.

Make an appointment with a CRA adviser