You have worked hard for the life you love, so it’s important to understand the best way to protect it. Health
Insurance and Life Insurance are two options that you may be considering, and trying to work out if they are right
for you. Here we look at both types of insurance, how they differ and how they may work together.

What is life insurance?

Life insurance can help protect you or your loved ones financially to ensure you can keep living the life you love.

There are 4 different types of life insurance cover:

  • Life Insurance
  • Income Protection
  • Recovery Insurance (also known as Trauma Insurance or Critical Illness Insurance)
  • Total and Permanent Disability Insurance

What is health insurance?

Private health Insurance is a personal insurance that helps cover the costs of medical care. The right health
insurance product can help to cover a range of medical costs and surgical expenses. This might include
emergency requirements – like stays in private hospitals, ambulance services and time spent in intensive care – or
more everyday health expenses, like optical, dental or chiropractor appointments. Private health insurance can
help cover the cost of treatments for specific health conditions, with payments most often going directly to the
healthcare service.

If you live in Australia, you’re likely to be benefiting from Medicare, meaning that many of your health care costs
are already accounted for. However, private health insurance may provide you with more cover and allow you to
choose from a broader range of care options – sometimes resulting in faster treatment as a private patient.

What is the difference between life insurance and health insurance?

Health insurance and life insurance are different, however they can work together to protect you across a range
of scenarios.

With life insurance products, payments are made directly to you, or to your nominated beneficiary as either a
lump sum payment or ongoing monthly payments, depending on the cover you have taken out. This means you
get to choose how to spend your money and prioritise your expenses as you see fit.

Here’s a quick overview of how each of these products could support you or your family in a time of need:

Critical Illness: In the event you’re diagnosed with certain serious medical conditions or illnesses, critical illness
cover can provide a lump sum payment that gives you the freedom to manage your expenses as you see fit to
ensure you can focus on your recovery without financial stress. During recovery there can sometimes be
unexpected costs that may not be covered by Medicare or Private Health Insurance, such as some types of
rehabilitation equipment, ongoing nursing care, home modifications, living expenses and bills.

Income Protection: Income Protection gives you an alternative source of income if you are unable to work due to
an illness. This can help to keep your household up and running, and provide for your loved ones help while you

Total Permanent Disability (TPD): TPD insurance can provide a lump sum payment if you were to become
permanently disabled due to accident or illness, and are unlikely to ever be able to work again.

Life Insurance: Life Insurance provides for your loved ones in the event of your death, or if you are diagnosed
with a terminal illness. This provides you or your loved ones with a lump sum payment to help ensure financial

Should I consider health insurance and life insurance?

It’s important to consider your insurances holistically; having both health insurance and one or more different
types of life insurance (including critical illness, income protection and TPD insurance) can give you and your
family additional financial protection if something were to happen to you.

An example of the way health insurance and life insurance can work together is in the instance where an
individual is unfortunately diagnosed with cancer, and due to treatment and recovery, is unable to work for
several months.

Health insurance: Depending on your level of cover, health insurance could cover certain treatment costs, such
as hospital stays or chemotherapy.

Critical illness: A lump sum critical illness payment could help pay for advanced treatment and any out-of-pocket
expenses, such as travelling to and from hospitals and rehabilitation. It could even be used to take your loved
ones on a holiday once recovered. It’s your choice how you would choose to use this lump sum payment.

A cancer diagnosis (or health issue of another kind) can have a wide range of financial implications, and each
type of insurance can play a different role to help provide financial support for you and your family.

Health insurance alone won’t protect you and your family against lost income, or provide a lump sum pay out if
you were to become critically ill or be injured. However, these types of additional protection may be achieved
when combined with one or more of the different types of life insurance.

To ensure you’re best protected should something in your life go awry, contact us by calling our Oran Park office on 9188 1547 or emailing




The material shown in this article is for general information purposes only. It is not intended to be, nor should it be read as specific personal investment or risk advice.
Before acting on any of the information contained in this article you should obtain special advice from a specialist investment or risk professional, which is appropriate to your specific investment or risk needs, objectives and financial situation.
Whilst all care is taken in the preparation of this material, no warranty is given with respect to the information provided, and accordingly no responsibility for errors or omissions, including responsibility to any person by reason of negligence is accepted by RP Wealth Management.

Ronald Pratap

Principal Financial Planner at RP Wealth Management | Financial Planning l SMSF I Insurance l Property Advisory. Our purpose is to provide our clients with sound advice and direction to assist with their financial affairs and help them make the best choices in achieving what is important to them.

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What Clients Are Saying About Our Financial Planning Services
Ron and team are very professional, patient and very transparent.Very happy to have found Ron and working on my needs.
Vinodh Kumar Ravinder
Vinodh Kumar Ravinder
17:52 24 Feb 21
Ron and the team from RP Wealth Management help my wife and I review our super and insurance and where he felt we could improve he proved his recommendation and was honest about part that where good to leave. Thank you
Daniel Simone
Daniel Simone
21:23 12 Nov 20
Ronald is very informative and professional and I have no hesitation to recommend him highly.
Chris Bakalian
Chris Bakalian
04:30 02 Jun 20
Ron and the team are extremely professional and knowledgeable, complimented by exceptional customer service.
Michael Ferella
Michael Ferella
04:11 27 May 20
Ron was able assist my husband with all the necessary information from start to finish with his plan. We found Ron extremely easy to get along with and communication was outstanding. As a family we can high recommend Ron to all.
Chloe Farnell
Chloe Farnell
04:01 02 Apr 20
Ron has been amazing for me and truly took the time to understand what my real needs and wants were to custom tailor not only my super and retirement plans but the options to diverse my investing to meet short term goals.He’s very relatable and down to earth so the whole process is enjoyable. Looking forward to working together in the many years ahead.
Shannon McDonnell
Shannon McDonnell
00:29 20 Feb 20
Ron is honest, intelligent, trustworthy, and hardworking adviser. Always goes above and beyond to ensure he gets the best outcome for his clients. Highly recommended!
Petra Novakova
Petra Novakova
12:25 06 Feb 20
Ron is amazing!! He is so easy to talk to and explains things so you can understand everything. If we had any questions about anything he was always there to answer our questions. Definitely recommend him.
Jessica Tree
Jessica Tree
09:05 11 Oct 19
Ronald is a great person to deal with...explains everything very clearly and goes through all your options...looks out only for his client not any personal gain..I feel confidence that my wealth management and finances are handled correctly with his guidance
Jordan Mijalkov
Jordan Mijalkov
07:57 24 Sep 19
Insurance within super and the whole superannuation mindfield is made simple when you enage with people who know their stuff.I highly recommend Ronald, he is flexible, committed and focussed on helping you to understand and have confidence in this arena.
Sandra Bartlett
Sandra Bartlett
04:50 29 May 19
Ron and his team have a wealth of knowledge in the industry and have referred relatives and clients, whom have been satisfied with his service to ensure that they are adequately protected.
Daniel Caldwell
Daniel Caldwell
22:24 07 May 19
I have referred many clients and used Ronald's financial planning services personally and couldn't recommend him highly enough. Very professional and knowledgeable in the financial services industry. I would not hesitate for a second to recommend Ronald’s services to anybody within my network.
Bradley Durrant
Bradley Durrant
03:22 03 May 19
Have had a great experience, have felt all meetings and communication to be very informative and honest in areas I was uncertain about.
Josh Saumatua
Josh Saumatua
08:34 22 Jul 18
Very knowledgeable and informative. Happy to answer all questions and always responds to my calls/emails. Takes control which makes for a simple and seamless process.
D Saumatua
D Saumatua
12:24 20 Jul 18
Ronald is so easy to deal with and helps you every step of the way to make it so efficient and quick to fill out paperwok. He is very professional and makes it all happen so quickly. He always picks up the call or gets back to you, What else can you ask for. Great guy and service
Mibu Medispa
Mibu Medispa
08:08 16 Jul 18
Very professional and consistent in his work with truckloads of knowledge in his industry. He helped me with my life insurance and did a fantastic job from start to finish. Walking me through the entire process and always following me up. I would not hesitate for a second to recommend Ronald’s services to anyone. Great guy. Great professional. Great service.
Caterina Romeo
Caterina Romeo
01:07 18 Apr 18
I met Ronald in a professional capacity, and his willingness to share his insights and his enthusiasm for the work that he does clearly shines through. I'd highly recommend connecting with him if you're looking for an adviser who holds great integrity in the way they support their clients.
Shannyn Merlo
Shannyn Merlo
08:32 23 Feb 18
Great service and very helpful
Dragan Jelic
Dragan Jelic
01:25 27 Oct 17
Ronald is great communicator and very knowledgable with his financial advise. He helped my wife and I structure a better protection plan covering life insurance, trauma cover and income protection. Easy to discuss any questions we had and generally very helpful. I highly recommend talking with Ron!
James Newman
James Newman
03:38 25 Sep 17
Ronald is a really easy going guy to deal with. He will go above and beyond to ensure he finds out all the details and gets you the best cover for your circumstances. Ronald made the process of getting Trauma Insurance and Life Insurance very easy - much easier than I thought and it was surprisingly cheaper than I thought it would be too. I really recommend you see RP Wealth Management.
Hayley Pieplenbosch
Hayley Pieplenbosch
05:55 28 Jul 17
I needed general financial advice and he delivered with the lingo I easily understood. Friendly guy and always approachable. Would highly recommend him to anyone!
Gorgi Serovski
Gorgi Serovski
13:09 22 May 17
A hard working and diligent professional, Ronald certainly places his clients needs first in all situations. Keep up the good work!
Shaun Pereira
Shaun Pereira
00:14 19 May 17
My Wife and I have known Ron for many years. He has always put our needs first and has always given 110% with giving us the best advice,solutions and above all exceptional results with our super and investments! Highly recommend Ron to anyone in need of financial guidance."I found Ronald to be very knowledgeable about all aspect of finance and being very helpful in overseeing my finances and making sure that I will live comfortably for quite a few years to come. his friendly nature comes from deep down and his clients are treated like family. I will not be afraid of recommending Ronald to all my relatives and friends."Thanks mate. Really appreciate it.
Deniz Sertlioglu
Deniz Sertlioglu
03:09 03 Jan 17
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