Hi Ray
I'm afraid McBoom is right. The personal risk insurance policies appropriate to your needs has little to do with what other people have. For example, the income protection policy I have may not be appropriate for you. All the major companies have pretty good IP contracts these days but some contracts suit office workers, others suit professionals and some are tailor made for trades people. So it depends. There is not as much variation with Term & TPD (total & permanent disability) insurance, but they are not all the same either. As for the amount of cover you need, that depends entirely on your personal, family and financial circumstances. You should seek personal advice from a licensed adviser.
I recall that you said that your Life & TPD insurance is currently held in superannuation. It is often the case that people are automatically accepted (without personal underwriting) for defined levels of insurance simply by virtue of joining their employer. If that was the case, you were effectively part of a group scheme. When you become self employed however, it is likely that you will have to undergo personal underwriting. So the amount of insurance offered and the price you will ultimately pay for it will be affected by your age, smoking status, health status (including height-weight ratio), your pastimes, and your occupation. Family medical history (Mum, Dad, brother, sister) also plays a big part when you are being underwritten for a Trauma / Critical illness insurance.
In addition to asking 'which is the policy most appropriate to my needs?', you should also be asking 'will the company pay my claim?' and 'will they provide a good service if / when I am on an IP claim?' The Australian risk insurance market has narrowed a lot after years of takeovers and the remaining players are mostly large reputable companies who compete hard for business. Mostly, the claims that are not paid usually involve some level of misrepresentation or non-disclosure by the person applying for insurance.
So as you head towards your freedom in 4 weeks time, consider this. Depending on your health, you may be eligible for life insurance and perhaps some TPD insurance when you start your new business. It will depend on underwriting. However, the stumbling block for you could arise in the area of income protection. You have to substantiate your income and, once you are self employed, the underwriter will probably ask for 3 years of financial statements for your business. You won't be able to provide that for the next 3 years. So anyone in Australia leaving employment to become self employed should consider income protection well before making the leap. An 'agreed value' contract would help the cause. Some companies offer them but not everyone is eligible. For several reasons, a salary continuance benefit in your work superannuation fund is not the same thing as a personal income protection policy.
I suggest you see your financial planner or risk insurance broker and talk all of these issues through.
I hope your new venture goes well.
Gary
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Gary Weigh, Business coach, Financial planner and Aikido enthusiast
http://www.aikido-secrets-to-calm-success.com 
Death/Disability and Income protection insurance 
