Travis is 47, single and lives by himself in Sydney. Travis is currently considering his estate planning needs, specifically his who should inherit his superannuation in the event of his death. He is considering leaving the entire balance ($210,000 of which 12% is a tax-free component) to one of the following:

His mother; or

His sister aged 44 and living with her husband; or

His child, Beatrice, aged 14 and living with his former wife but supported by Travis through child maintenance payments.

Travis tells you that his mother and sister are not financially dependent on him.

a)Travis also wants some advice regarding insurance though he's not really sure what cover he needs.

Explain to Travis the four different personal insurance products. Include in your answer:

the purpose of these, that is, what they are designed to cover; and

whether these products can be held inside / outside of superannuation.