Life Insurance
A lump sum on death, or a qualifying terminal illness where included. Consider dependants, debt, household income and who would receive the benefit.
Explore Life InsuranceInsurance · Part of your financial plan
Insurance Advice Melbourne
Amber Wealth helps you understand, review and structure personal insurance around your income, family and financial commitments—not in isolation from the rest of your financial plan.
What is personal insurance?
Personal insurance helps manage the financial consequences of death, illness or injury. It is different from home insurance or private health insurance: the focus is your family's finances, your ability to earn and the costs you would otherwise meet from savings.
The four main types address different events. Having one does not mean the others are covered. An insurer assesses a claim against the policy wording, including definitions, exclusions and any applicable waiting or survival period.
Four types of cover, different roles
TPD Insurance
A lump sum for total and permanent disability that meets the policy definition. Consider long-term living costs, debts, care and accessibility needs.
Explore TPD InsuranceTrauma Insurance
A lump sum for a specified medical condition or event meeting the policy criteria. Consider recovery costs and household commitments, not just medical bills.
Explore Trauma InsuranceIncome Protection
Regular payments replacing part of your income for an eligible illness or injury. Waiting periods, benefit periods and the definition of income all matter.
Explore Income ProtectionUnsure where to start? Book an Insurance Review to discuss the cover you already hold.
Why insurance belongs in your financial plan
A Melbourne household might be paying a mortgage, supporting children and building retirement savings at the same time. If an income stops, the question is not just which policy pays; it is which commitments continue, what resources can be used, and for how long.
Insurance premiums also compete with debt repayments and investing. We consider affordability over time, rather than selecting a level of cover that only fits this year's budget. Investment assets may help meet a shortfall, but relying on a forced sale can create costs and disrupt long-term plans.
Our financial planning approachInvestment planningEstate planning and beneficiaries
Reviewing existing insurance
Start with what is already in place. Gather policy schedules, renewal notices and super statements. Record the insured person, policy owner, benefit amount, premium, exclusions and expiry age; for income protection, add the waiting and benefit periods.
A review may identify a gap, an overlap or a reason to keep an older policy. Lower premiums do not automatically mean better value. Replacing cover can mean fresh underwriting, different definitions and the loss of terms you cannot obtain again.
Compare your existing insurance strategyPersonal insurance services and quote tool
Insurance through superannuation
Your super fund may include life, TPD or income protection insurance, subject to eligibility and the fund's arrangements. Premiums are generally paid from your balance rather than household cash flow, but they still cost money and reduce retirement savings.
A benefit held in super must satisfy the insurance terms and the relevant super release rules. Check beneficiary nominations for death cover and whether insurance will continue when you change funds, stop contributions or start a pension. New trauma cover is not offered through super; some arrangements dating from before July 2014 can remain.
How much insurance might you need?
Work from the potential financial shortfall, not a multiple of salary. Consider mortgage and other debts, living expenses, care or rehabilitation, dependants and future commitments. Then consider the resources genuinely available: savings, accessible investments, existing insurance and sustainable household income.
Avoid counting the same resource twice. Your home may be valuable without providing spendable cash, and super may not be accessible when needed. Lump-sum cover and monthly income benefits need to be modelled together, allowing for tax and the terms governing each benefit. No cover amount can be recommended from this general guide alone.
When should insurance be reviewed?
As retirement approaches, debt and income-replacement needs may reduce while other commitments remain. Review the role of each policy rather than cancelling everything at a particular age.
- When you take on a mortgage, have a child, separate or gain new caring responsibilities.
- When your occupation, work hours, employment arrangements or income changes.
- When premiums change, a policy approaches expiry or your budget becomes stretched.
- Before consolidating super, starting a pension or retiring—not after cover has ended.
Common insurance mistakes
- Assuming default cover was calculated for your family rather than checking the actual benefit.
- Comparing premiums without comparing definitions, exclusions, benefit limits and ownership.
- Assuming multiple income protection policies will pay their full benefits together; offsets may apply.
- Treating an old policy as inferior simply because it is old—or keeping it without checking its current terms.
- Cancelling cover or closing a super account before understanding what would be lost.
How Amber Wealth approaches insurance reviews
We begin with your priorities: who relies on you, which commitments matter and what you already have. At the initial enquiry stage, we need contact details and the types of cover you want to discuss—not medical records or detailed financial documents.
- Understand your circumstances and agree the scope of the review, including any advice fees and remuneration before proceeding.
- Assess current cover alongside cash flow, debts, super, investments and your retirement plans.
- Explain options and trade-offs, including retaining existing cover, with personal recommendations only after the necessary information is available.
- If you proceed, work through the agreed implementation steps; insurer acceptance and claim decisions remain subject to policy terms.
Insurance advice: frequently asked questions
What does an insurance adviser help with?
An adviser can assess the financial risks you want to manage, review existing policies, explain definitions and exclusions, and consider ownership and affordability. Personal recommendations require information about your objectives, financial situation and needs; a product comparison alone is not a financial plan.
Do I need all four types of personal insurance?
Not necessarily. Life, TPD, trauma and income protection respond to different events. Your debts, dependants, savings, earnings and existing benefits determine which risks need attention. The aim is to address a financial shortfall, not automatically buy every type of cover.
Can Amber Wealth review insurance I already have?
Yes. We can review cover held through superannuation and personal policies. A recent statement, policy schedule and renewal notice help identify amounts, costs and policy terms. An insurance review does not automatically mean replacing your cover.
Is insurance through super free?
No. Premiums are generally deducted from your super balance, reducing the amount invested for retirement. Check the types of cover, eligibility rules, benefit amounts and what happens if contributions stop or you change funds.
Can I get insurance advice in Melbourne?
Amber Wealth is based in Brighton and works with clients across Melbourne. Contact the practice to arrange an initial discussion about your current cover and how it fits your broader financial plan.
Should I cancel an old policy before applying for a new one?
Do not cancel existing cover simply because a replacement has been quoted. New cover may require underwriting and could contain different exclusions, loadings or waiting periods. Understand the comparison and confirm any replacement is accepted and in force before deciding whether to cancel.
Adam Sobczak is the Director & Senior Financial Planner at Amber Wealth, a boutique financial advisory practice in Brighton, Melbourne. Adam is a licensed financial adviser on the ASIC Financial Advisers Register (Authorised Representative Number 1234769).
Adam holds a Diploma and Advanced Diploma of Financial Planning, is a member of the Financial Advice Association of Australia (FAAA), and has completed CFP Certification Program units (CFP1 & CFP4) through the FAAA.
Insurance advice considers your broader circumstances, not a policy in isolation. Explore our insurance guide, financial planning and retirement planning, or speak with Amber Wealth.
These guides provide general information, not a personal recommendation. Cover, eligibility and claims depend on the policy terms. Read the PDS and your policy schedule before deciding to acquire, vary or replace cover.
Amber Wealth is a Corporate Authorised Representative (CAR 1310815) of Lifespan Financial Planning Pty Ltd, ABN 23 065 921 735, AFSL 229892.
Are you confident your cover still fits?
Start with the policies you have and the questions you want answered. We can help you consider what to retain, what to review and how your insurance fits your wider financial plan.