What types of personal insurance should I consider?

The four core types are life cover (a lump sum if you die), total and permanent disability or TPD cover (if you can never work again), trauma cover (a lump sum on diagnosis of specified serious illnesses), and income protection (a monthly benefit while you cannot work). Each answers a different question, and the right combination depends on your debts, income, dependants and existing cover.

How much cover do I need?

Enough that, if the worst happened, your debts could be cleared, your family’s living costs met, and plans like education funded — after counting the cover and assets you already have. We calculate this from your actual position in a formal needs analysis rather than applying a multiple-of-salary rule of thumb.

Should I hold insurance inside or outside super?

It is a genuine trade-off. Inside super, premiums are funded from your balance, which helps cashflow — but benefits can be taxed differently depending on who receives them, policy definitions can be narrower, and premiums reduce your retirement savings. Outside super, you fund premiums personally but generally get broader definitions and cleaner benefit payment. Many clients end up with a deliberate mix. The right structure depends on your circumstances.

Is the default cover in my super fund enough?

Often not. Default cover is set by formulas based on age, not on your mortgage, income or family situation, and it can be reduced or switched off automatically under inactivity rules. It is worth having your default cover reviewed against what your family would actually need before assuming it is sufficient.

Are insurance premiums tax-deductible?

It depends on the type of cover and how it is owned. As a general rule, income protection premiums paid personally are tax-deductible to you, while premiums for life, TPD and trauma cover held personally are not. Cover held inside super is treated differently again. We set out the tax treatment that applies to your recommended structure in your Statement of Advice.

How are you paid for insurance advice?

We are a fee-for-service firm and agree our advice fees with you before any work begins. Any remuneration connected with insurance recommendations is disclosed clearly in our Financial Services Guide and in your Statement of Advice before you decide to proceed.

Personal Insurance · Sydney & Brisbane · Australia-Wide

The part of the plan you hope you never need.

Personal insurance — life, total and permanent disability, trauma and income protection — is what keeps a financial plan standing when health or income fails. We advise on the right types of cover, the right amounts, and whether to hold it inside or outside super, as a self-licensed, fee-for-service firm with no product quotas.

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"Working with Troy has been a game-changer for my financial future. His expertise and personalised approach made me feel confident and secure. He crafted a comprehensive plan that aligns perfectly with my needs."

— John & Caroline · Verified via Adviser Ratings

Self-Licensed AFSL SSA™ Designated Master of Fin. Planning Fee for Service

The Challenge

Most Australians discover their cover is wrong at the worst possible moment.

"Am I underinsured without knowing it?"

Default super cover is set by a formula, not by your mortgage, your income or your family’s needs. The gap between what you hold and what your family would actually need is usually discovered at claim time.

"What types do I actually need?"

Life, TPD, trauma, income protection — each answers a different question, and the right mix changes with your age, debts and dependants. Buying the wrong type is as costly as buying too little.

"Inside super, or outside?"

Holding cover through super helps cashflow but can change the tax treatment of benefits and narrow the definitions you claim under. The structure decision matters as much as the amount.

What You Get

Cover matched to what your family would actually need.

A proper needs analysis first, then structure and product recommendations documented in a Statement of Advice — with every cost disclosed before you proceed.

Insurance Needs Analysis

Debts cleared, income replaced, education funded, existing cover counted — the amounts calculated from your actual position, not a rule of thumb.

Life Cover

A lump sum for the people who depend on you — sized against your debts, your family’s living costs and the years they would need support.

Total & Permanent Disability (TPD)

Protection if illness or injury permanently ends your ability to work — with careful attention to the definitions that determine whether a claim is paid.

Income Protection

A monthly benefit replacing part of your income while you cannot work — waiting periods, benefit periods and definitions structured to your employment and cash reserves.

Trauma Cover

A lump sum on diagnosis of specified serious conditions — the cover that funds treatment, recovery and breathing room while other policies wait.

Structure: Inside vs Outside Super

The ownership decision worked through properly — premium funding, tax treatment of premiums and benefits, and policy definitions — often landing on a deliberate mix of both.

How It Works

Three steps to a strategy you understand and believe in.

Discovery Call

A free, no-obligation 30-minute conversation about where you are and where you want to be. Zoom, phone, or in person in Barangaroo or Brisbane CBD.

Free · No commitment · Completely confidential

Your Personal Strategy

We model your numbers, build your strategy, and present it in plain language you can actually understand — not jargon-filled documents.

Typically 2–3 weeks · Statement of Advice included

Implementation & Ongoing Care

We execute the plan, manage your portfolio, and review it every year as your life changes — so you stay on track without worrying.

Annual reviews · Direct access to Troy always

Your Adviser

Self-licensed by design. Fee-for-service by choice.

Troy Gudgeon established Wealth Designers Advisory under its own Australian Financial Services Licence specifically to remove the conflicts that come with bank or institutionally-owned advisory groups. No dealer group, no product quotas — the only agenda at the table is yours.

20+ years of financial planning experience across every market cycle
Master of Financial Planning — Kaplan Professional
SMSF Specialist Advisor™ (SSA™) designated
Member, Financial Advice Association of Australia (FAAA)
Self-licensed AFSL 562647 — no bank ownership, no third-party ties
Offices in Barangaroo (Sydney) and Brisbane CBD — advises nationally via Zoom

Book a Free Call with Troy →

Troy Gudgeon

Founding Director & Principal Adviser
MFinPlan · SSA™ · FAAA Member

Wealth Designers Advisory Pty Ltd
ABN 26 650 483 300 · AFSL 562647

Common Questions

Answers about personal insurance.

Not finding your question here? The Discovery Call is the right place to ask anything — no obligation.

Book a Free Call →

What types of personal insurance should I consider?

The four core types are life cover (a lump sum if you die), total and permanent disability or TPD cover (if you can never work again), trauma cover (a lump sum on diagnosis of specified serious illnesses), and income protection (a monthly benefit while you cannot work). Each answers a different question, and the right combination depends on your debts, income, dependants and existing cover.
How much cover do I need?

Enough that, if the worst happened, your debts could be cleared, your family’s living costs met, and plans like education funded — after counting the cover and assets you already have. We calculate this from your actual position in a formal needs analysis rather than applying a multiple-of-salary rule of thumb.
Should I hold insurance inside or outside super?

It is a genuine trade-off. Inside super, premiums are funded from your balance, which helps cashflow — but benefits can be taxed differently depending on who receives them, policy definitions can be narrower, and premiums reduce your retirement savings. Outside super, you fund premiums personally but generally get broader definitions and cleaner benefit payment. Many clients end up with a deliberate mix. The right structure depends on your circumstances.
Is the default cover in my super fund enough?

Often not. Default cover is set by formulas based on age, not on your mortgage, income or family situation, and it can be reduced or switched off automatically under inactivity rules. It is worth having your default cover reviewed against what your family would actually need before assuming it is sufficient.
Are insurance premiums tax-deductible?

It depends on the type of cover and how it is owned. As a general rule, income protection premiums paid personally are tax-deductible to you, while premiums for life, TPD and trauma cover held personally are not. Cover held inside super is treated differently again. We set out the tax treatment that applies to your recommended structure in your Statement of Advice.
How are you paid for insurance advice?

We are a fee-for-service firm and agree our advice fees with you before any work begins. Any remuneration connected with insurance recommendations is disclosed clearly in our Financial Services Guide and in your Statement of Advice before you decide to proceed.