Different Purposes of Insurance Cover – Video

Scott reveals the 2 Key Purposes of Life cover, Personal & Business. You might be wondering the difference between the two and surprisingly, both are very similar. It’s just a matter on how we use the coverage.

In general, it covers an ongoing income to cover for family, mortgage or any personal debt when we are no longer around, and this reason falls under Personal. Business, on the other hand usually covers the payout value of business should one partner no longer be around, loss of revenue due to a key person/business partner temporarily not working in the business and also all business debts.

Phillip Thompson & Thompson Financial Services are authorised representatives of Synchron, AFS Licence No. 243313.

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