About us
One Life Insurance specialises in the four personal insurance policies you can obtain when it comes to protecting yourself, your family, your business and your assets.
We work through the insurance process with you to ensure you understand what personal insurance is and what can be expected when you apply for insurance, being accepted and, if the worse were to happen, work with you and your family at claim time.
Director and founder, Nicholas Locke has worked for over 25 years in the financial services industry, 17 of those years as a personal insurance specialist. He has worked with some of Australia’s largest financial institutions such as CBA, AMP, IOOF and Australian Unity. Over his 17 years he has developed a broad knowledge of personal insurance and how important it is that we get it right the first time.
Personal risk insurance at a glance
Below is a snapshot of the four main types of cover, the need they fulfil and what the benefits can potentially be used for:
Life insurance
Life insurance generally provides an agreed amount upon the insured person’s death or terminal illness.
This can help provide financial independence for a family in case of the loss of a homemaker or breadwinner. In a business situation, it helps protect against the loss of a key employee or business partner.
Income protection insurance
Income protection insurance – also known as “salary continuance insurance”, pays a monthly income benefit to you if you cannot work due to illness or injury. Unlike TPD insurance, income protection may pay benefits for temporary conditions, ranging from weeks or months right up to long-term illnesses that can result in the loss of many hundreds of thousands of dollars in income.
Trauma insurance
Trauma insurance provides a lump sum payment where the insured person suffers one of a range of specific medical conditions, such as heart attack, cancer and stroke. Unlike TPD insurance, a trauma benefit does not depend on a person’s long-term diagnosis or their inability to return to work, but simply on the insured person’s survival for a set period after the occurrence of a specified condition. This means that payment of benefits may be more likely.
Total and permanent disability (TPD) insurance
Total and permanent disability generally means a person is disabled to the extent that they are unlikely to ever be employed again in the type of work that they are qualified to do or any type of work. TPD insurance pays a lump sum benefit upon the insured’s total and permanent disability due to illness or injury. TPD insurance will assist you in meeting one-off and ongoing living expenses, similar to life insurance, as well as covering extraordinary expenses such as medical and rehabilitation costs and home alterations.
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