Risk insurance

Learn how risk insurance can provide you with a financial safety net when faced with unexpected circumstances.

Risk insurance is a critical yet often overlooked aspect of comprehensive financial planning. It is designed to provide a financial safety net for you and your loved ones when faced with unexpected circumstances that can drastically impact your life and financial health.

At Hunter Galloway, we are committed to finding you the best level of coverage for your personal insurance. We can help you with Life Insurance, Total & Permanent Disability Insurance, Income Protection Insurance, Business Insurance, and Critical Illness or Trauma Insurance.

Get in touch with one of our expert Mortgage Brokers at Hunter Galloway to discuss your options for Risk Insurance and for assistance with the application process. 

As Brisbane’s highest-rated and most-reviewed mortgage broker, we are known for our commitment to helping our clients achieve their home ownership goals while remaining protected against financial hardship.

If you’d like to know more, click on the button below or give us a call to arrange a time to discuss risk insurance with our team. 

Risk Insurance Explained

Risk insurance is a form of cover that provides you with financial protection against various life risks such as illness, disability, and death. From safeguarding your income stream to protecting your business or taking care of your family’s future, risk insurance plays an instrumental role in maintaining financial stability in the face of adversity.

Why is risk insurance important?

The importance of risk insurance cannot be overstated. It’s about ensuring that you or your family are not burdened with financial hardships during challenging times. Whether it’s an unexpected illness, an accident that leads to disability, or the untimely death of the family’s primary earner, risk insurance can provide the necessary financial support when it’s needed the most.

Types of risk insurance​

There are several types of risk insurance designed to protect against different types of risks:

Life Insurance

Total & Permanent Disability Insurance

Income Protection Insurance

Business Insurance

Critical Illness or Trauma Insurance

Personal Risk Insurance FAQs

Personal Risk Insurance is a type of coverage that provides financial security to you and your family in the event of unexpected circumstances such as illness, injury, disability, or death. It typically includes life insurance, total and permanent disability (TPD) insurance, income protection insurance, and trauma insurance. The purpose of this insurance is to ensure that you and your family can maintain your lifestyle and meet your financial obligations even in the face of adversity.

The pricing of risk insurance policies is based on several factors. These include the type of insurance, the amount of coverage, the policyholder’s age, health status, lifestyle habits (like smoking), occupation, and sometimes even hobbies. For instance, a younger, healthier individual would typically pay lower premiums compared to an older individual or someone with health issues. Similarly, someone with a high-risk job may pay more than someone in a low-risk occupation.

Risk insurance is essential as it provides financial protection against unforeseen circumstances. If you were to become seriously ill or injured and unable to work, or in the event of your death, risk insurance can provide a financial safety net for you and your family. It can help cover medical expenses, repay debts, replace lost income, and maintain your family’s standard of living.

A mortgage broker can play a crucial role in helping you with risk insurance. They can assess your financial situation and help determine the level of coverage you might need. They can also help you understand the different types of risk insurance available and guide you in choosing the right policies for your specific needs. Furthermore, they can assist in the application process, making it easier and more efficient for you.

Life Insurance

Life insurance give you the comfort of knowing that your family will be able to financially cope if you pass away.

Life Insurance Explained

Life insurance is a contract between you and an insurance company. In exchange for regular premiums, the insurance company agrees to pay a specified amount of money to your beneficiaries or estate upon your passing, as long as the policy is still current. 

The purpose of life insurance is to provide financial security and peace of mind, ensuring that your loved ones can continue to meet their financial obligations after your passing.

Benefits of Life Insurance​

The primary role of life insurance is to safeguard your family’s financial future. Here are some of its key benefits:

Income Replacement

If you're the main breadwinner, your passing could leave your family struggling to pay bills and maintain their standard of living. Life insurance can replace lost income, helping your family meet financial obligations.

Debt Repayment

Life insurance can help clear outstanding debts, including mortgages, car loans, and credit card debts, ensuring your family isn't left with a financial burden.

Final Expenses

Life insurance can cover funeral and burial costs, eliminating the immediate financial stress associated with these expenses.

Legacy and Inheritance:

You can create an inheritance for your heirs by purchasing a life insurance policy and naming them as beneficiaries.

Choosing a Life Insurance Policy: Key Considerations

When it comes to selecting a life insurance policy, several important factors come into play:


Financial obligations:

Consider your current and future financial obligations, including mortgages, loans, education costs for your children, and projected living expenses for your family.


Policy type

Understand the differences between term life insurance and whole life insurance. Term life insurance covers you for a specific period, while whole life insurance offers lifetime coverage and builds cash value.


Premium affordability

Assess your financial ability to maintain the premium payments over the long term.


Reputation and stability of the insurance company

It’s essential to choose an insurer with a strong reputation and a history of stability in the industry.

How Much Life Insurance Should I Take Out?

Determining how much life insurance you need is crucial as this is the amount that will enable your beneficiaries to live a lifestyle comparable to now after you pass away. 

An easy calculation is to base the policy on 10 times your annual salary or, depending on your financial situation, at least the total amount of your liabilities.

Choosing the right life insurance policy can seem daunting, but with thorough research and careful consideration of the factors above, you can secure the financial future of your loved ones. 

For more detailed and personalised advice, consider reaching out to a reputable mortgage broker like Hunter Galloway.

Life Insurance FAQs

There isn’t a specific age that’s considered the “right” age to buy life insurance. However, it’s generally a good idea to consider purchasing a policy when you have financial obligations or dependents. This could be when you get married, have children, buy a house, or start a business. It’s also worth noting that life insurance premiums tend to be lower the younger and healthier you are, so buying a policy earlier in life could potentially save you money in the long run.

The cost of life insurance in Australia can vary widely based on several factors including your age, health, lifestyle, occupation, and the amount of coverage you want. On average, a policy might cost anywhere from a few dollars to several hundred dollars per month. It’s important to shop around and compare quotes from different insurers to ensure you’re getting the best value for your needs.

Some life insurance policies may offer an advance payment option under certain circumstances, such as if the policyholder is diagnosed with a terminal illness. This is often referred to as a “living benefit” or “accelerated death benefit.” However, not all policies include this feature, and the specific terms can vary by insurer. If this is a feature you’re interested in, it’s important to discuss it with your insurance provider or broker when setting up your policy.

Total & Permanent Disability Insurance

Total & Permanent Disability (TPD) Insurance provides a financial safety net when you're unable to work ever again due to a serious illness or injury.

Total & Permanent Disability Insurance Explained

TPD Insurance is a type of cover that provides a lump-sum payment if you become totally and permanently disabled and unable to work. The disability could result from an illness or an accident. This payout can help cover medical expenses, repay debts, and provide for ongoing living costs.

Benefits of Total & Permanent Disability Insurance​

Being unable to work due to a disability can lead to significant financial strain. This is where TPD insurance comes into play. The key benefits of TPD insurance include:

Covering Medical Costs

A serious injury or illness often brings with it hefty medical bills. TPD insurance can help cover these costs, ensuring that you receive the necessary medical care.

Maintaining Lifestyle

The lump-sum payment can help maintain your current lifestyle and cover ongoing expenses such as mortgage payments, utility bills, and day-to-day living costs.

Repaying Debts

In the event of disability, outstanding debts can become a significant burden. TPD insurance can help clear these debts and reduce financial stress.

Funding Modifications

If your disability requires modifications to your home or vehicle, the payout from TPD insurance can help cover these expenses.

Choosing a Total & Permanent Disability Insurance Policy: Key Considerations

When choosing a TPD insurance policy, there are several important factors to consider:


Definition of Disability

Different policies have different definitions of what constitutes total and permanent disability.Some cover you if you can’t work in your current job, while others only pay if you can’t work in any job suited to your education and experience.


Level of Cover

Your cover level should be adequate to meet your financial obligations and maintain your family’s lifestyle. It’s important to review your cover regularly to ensure it remains appropriate.


Policy Features and Exclusions

Be aware of any policy features, benefits, and exclusions. Some policies might offer additional benefits like partial disability benefits, while others might exclude certain conditions or events.


Affordability of Premiums

Consider whether you can comfortably afford the premium payments over the long term.


Making the right choice in TPD insurance requires a clear understanding of your needs and thorough scrutiny of policy details. For personalised advice tailored to your circumstances, consider reaching out to an experienced broker like Hunter Galloway.

Total & Permanent Disability Insurance FAQs

Total and Permanent Disability (TPD) is typically defined as a condition that prevents an individual from working in their own or any occupation for which they are suited by training, education, or experience. The specific definition can vary by insurer and policy, but it generally includes serious physical or mental health conditions that are expected to prevent the individual from ever returning to work.

While coverage can vary by insurer and policy, there are typically some exclusions for TPD insurance. These may include disabilities resulting from self-inflicted injuries, war or acts of war, certain pre-existing conditions, and disabilities occurring after a certain age (often 65 or 70). Some policies may also exclude certain high-risk occupations or activities. It’s important to read your policy documents carefully to understand what is and isn’t covered.

The premiums for TPD insurance can vary widely based on factors such as your age, health, occupation, lifestyle, and the amount of coverage you want. Premiums can be structured in different ways, such as level premiums (which stay the same over time) or stepped premiums (which increase as you age). It’s important to compare quotes from different insurers to ensure you’re getting the best value for your needs.

Typically, TPD insurance policies are issued on an individual basis, meaning each person would need their own policy. However, some insurers may offer discounts for couples or groups who purchase policies together. If you’re interested in insuring multiple people, it’s a good idea to discuss your options with an insurance broker or provider.

Income Protection Insurance

Income Protection Insurance is a crucial financial safety net that helps maintain your standard of living if you can't work due to illness or injury.

Income Protection Insurance Explained

Income Protection Insurance, also known as salary continuance insurance, provides a monthly income of up to 75% of your regular earnings if you’re unable to work due to illness or injury. This type of cover ensures you can continue to meet your financial obligations and maintain your lifestyle while you recover.

Benefits of Income Protection Insurance

Without your regular income, managing day-to-day expenses and financial commitments can become challenging. Here are some key benefits of income protection insurance:

Income Continuity

The most significant benefit of income protection insurance is its provision of a consistent income stream, helping you meet your financial obligations even if you're unable to work.

Financial Security

With income protection insurance, you can maintain your lifestyle and protect your financial well-being during the recovery period.

Flexible Payouts

You can use the payout for anything you need, from mortgage payments and utility bills to medical costs or even a holiday to help you recuperate.

Choosing an Income Protection Insurance Policy: Key Considerations

Selecting an income protection insurance policy requires careful thought. Here are a few factors to consider:


Waiting Period

This is the time you must wait after becoming unable to work before you can start receiving benefits. Choose a waiting period that aligns with any sick leave or savings you could use to cover expenses in the short term.


Benefit Period 

The benefit period is how long the policy will continue to pay out if you’re unable to work. A longer benefit period means higher premiums, but it also provides more protection if you can’t return to work for an extended period.


Percentage of Income Covered

Policies typically cover up to 75% of your income, but the exact amount can vary. Be sure to choose a level of cover that will meet your needs.


Policy Terms and Exclusions

Understand the terms and conditions of your policy, including any exclusions or limitations.


Income Protection Insurance is a significant consideration for anyone earning an income. It offers peace of mind and financial stability in unexpected circumstances. To get a policy that best suits your needs, consider consulting with experts such as Hunter Galloway for personalised advice.

Income Protection Insurance FAQs

Income Protection Insurance is designed to provide a replacement income if you’re unable to work due to illness or injury. It typically covers up to 75% of your regular income and can help you meet your financial obligations like mortgage repayments, bills, and daily living expenses. The specifics of what is covered can vary by policy, but it generally includes a wide range of illnesses and injuries that prevent you from working.

While Income Protection Insurance covers a wide range of situations, there are typically some exclusions. These can include illnesses or injuries resulting from self-inflicted harm, pre-existing conditions (unless disclosed and agreed upon by the insurer), normal pregnancy or childbirth, and certain specific illnesses or injuries listed in the policy. It also typically does not cover periods of unemployment not related to illness or injury.

Standard Income Protection Insurance usually does not cover redundancy or job loss that is not related to an illness or injury. However, some insurers offer optional redundancy cover as an add-on to their income protection policies. It’s important to read your policy documents carefully or speak with your insurer to understand what is and isn’t covered.

Whether you can make a claim for a pre-existing sickness or injury depends on your specific policy. Some insurers may exclude pre-existing conditions, while others may cover them but charge a higher premium. If a pre-existing condition is disclosed and accepted by the insurer at the time the policy is taken out, it is typically covered. Always check the terms and conditions of your policy and discuss this with your insurer or broker.

Business Insurance

Business Insurance serves as a safeguard against unexpected disruptions or financial liabilities associated with your business operations.

Business Insurance Explained

Business Insurance is a broad term encompassing various types of coverage designed to protect your business against potential risks. These could range from property damage and legal liabilities to employee-related risks and interruption of business operations.

Benefits of Business Insurance

Running a business comes with inherent risks. Business insurance plays a crucial role in protecting your investment by minimising financial risks associated with unexpected events. Key benefits of business insurance include:

Risk Management

Business insurance provides a financial cushion against unforeseen losses such as lawsuits, property damage, or theft.

Business Continuity

In the event of a significant disruption, such as a natural disaster, business insurance can provide the resources needed for your business to recover and continue operations.

Credibility Enhancement

Having business insurance shows your customers and clients that you're a safe bet. If anything goes wrong, you have a way to compensate.

Choosing a Business Insurance Policy: Key Considerations

When it comes to selecting a business insurance policy, here are some important factors to consider:


Type of Coverage

The nature of your business will dictate the type of cover you need. For example, a retail business may require public liability and property insurance, while a consulting firm may need professional indemnity cover.

Level of Coverage

Your level of coverage should be sufficient to cover significant risks without being unnecessarily high. Balance your coverage to ensure you’re adequately protected without overpaying.

Policy Exclusions

Review the policy exclusions carefully. These are the situations in which your insurer won’t pay a claim.

Premium Affordability

Consider the cost of premiums in relation to your business budget. An overly expensive policy could create financial strain.


Selecting the right business insurance requires a good understanding of your business’s unique risks and requirements. For personalised advice that takes your business needs into account, consider consulting with an experienced broker like Hunter Galloway.

Business Insurance FAQs

The type of business insurance you need depends on the nature of your business, the industry you’re in, and the specific risks associated with your operations. However, some common types of business insurance that many businesses need include Public Liability Insurance (covers legal costs and compensation payments if a third party sues your business for injury or damage), Professional Indemnity Insurance (covers legal costs and claims for damages if you make a mistake or give bad advice), and Business Property Insurance (covers your business premises and its contents against damage or loss).

There are many types of business insurance available in Australia. Some of the most common include:

– Public Liability Insurance
– Professional Indemnity Insurance
– Business Property Insurance
– Business Interruption Insurance (covers loss of income following insured damage to property)
– Workers Compensation Insurance (mandatory in most states if you have employees
– Product Liability Insurance (covers damage or injury caused by products you sell)
– Cyber Insurance (covers data breaches or cyber attacks)
– Motor Vehicle Insurance (if your business uses vehicles)

The cost of business insurance in Australia can vary widely depending on the type of insurance, the size and nature of your business, the level of coverage you need, and the specific risks associated with your business. For example, a small home-based business might pay a few hundred dollars per year for basic coverage, while a large manufacturing company might pay tens of thousands of dollars per year. It’s important to get quotes from multiple insurers to ensure you’re getting the best value for your needs.

Critical Illness or Trauma Insurance​

Critical Illness or Trauma Insurance is a type of coverage that pays out a lump sum if you're diagnosed with a specific illness or condition.

Critical Illness or Trauma Insurance​ Explained

Critical Illness or Trauma Insurance provides financial support if you’re diagnosed with or suffer from a serious illness or injury covered by the policy. The illnesses and conditions covered are specific and listed in the policy document, often including heart attack, stroke, cancer, and other major conditions.

Benefits of Critical Illness or Trauma Insurance

Facing a critical illness can bring emotional, physical, and financial challenges. Here are some reasons why this type of insurance is crucial:

Financial Security

The lump sum payout can help cover medical bills, rehabilitation costs, mortgage payments, or any other financial obligation, reducing stress during a difficult time.

Recovery Focus

With financial worries alleviated, you can focus on your recovery and well-being.

Flexible Use

There are no restrictions on how you can use the payout. It can be used to seek the best medical treatment, hire help for home care, or even take a recovery holiday.

Choosing a Critical Illness or Trauma Insurance Policy: Key Considerations

Here are some factors to consider when choosing a critical illness or trauma insurance policy:


Range of Conditions Covered

Policies differ in the number and types of conditions they cover. Make sure your policy covers a comprehensive list of critical illnesses.


Payout Triggers

Understand the specifics of when the policy will pay out. It’s usually when you’re diagnosed, but some policies may have other triggers.


Premium Costs

Premiums vary based on factors like your age, health, lifestyle, and the level of cover you choose. Consider what you can afford to pay regularly.


Policy Exclusions

As with any policy, read the fine print to understand what’s not covered.


Critical Illness or Trauma Insurance can offer financial support during a challenging time. As with any type of risk insurance, it’s recommended to seek professional advice to choose a policy that fits your specific needs. The expert team at Hunter Galloway is here to guide you through the process.


Critical Illness or Trauma Insurance FAQs

Critical Illness or Trauma Insurance is a type of insurance that provides a lump sum payment if you are diagnosed with a specific illness or suffer an injury from a specific event that is covered by the policy. These illnesses and events are typically serious and potentially life-altering, such as cancer, stroke, or a heart attack.

The specific coverage of Critical Illness or Trauma Insurance can vary by policy, but it typically covers a range of serious illnesses and injuries. These can include cancer, heart attack, stroke, major organ transplant, coronary artery bypass surgery, and more. It’s important to read your policy documents carefully to understand what is and isn’t covered.

Whether you can get Critical Illness or Trauma Insurance with a pre-existing condition depends on the specific condition and the insurer. Some insurers may exclude the pre-existing condition from coverage, while others may cover it but charge a higher premium. It’s important to disclose any pre-existing conditions when applying for insurance.

If you’re diagnosed with a critical illness or suffer a trauma that is covered by your policy, you would submit a claim to your insurer. If the claim is approved, you would receive a lump sum payment. This money can be used however you need, whether that’s to cover medical expenses, pay for living expenses while you recover, or anything else.