LIFE INSURANCE INFORMATION

Please see information on Life Insurance below.

        

LIFE INSURANCE

Below you will find comprehensive information on life insurance in Australia.

What is Life Insurance?

Life insurance is sometimes called term life insurance or death cover and pays a lump sum in the event that you die or are diagnosed with a critical illness.

Life insurance is cover for you, so that your debts and your loved ones are looked after in case of your death. Depending on what type of life insurance policy you take, you can cover areas such as your outstanding debts, provide an income for your family and deal with costs such as your funeral.

Life insurance is especially important if you are the main income provider in your family if you are no longer around to provide financial stability, your family could find it hard to cope.

Most life insurance companies set an age limit under which you can take a life insurance policy. This is often between the ages of 16 and 65.

How Much Cover Should I Take?

The level of cover you should take depends on a variety of factors. Generally you could consider some of the following points:

  • How much can I afford?
  • Do I have 'Dependents' (e.g. children, spouse)
  • How many financial obligations do I have (e.g. mortgage, debts, credit cards)?

How Much does it Cost?

The cost of a life insurance policy depends very much on a variety of areas. The healthier and younger you are, the lower your premium will be because you are less likely to make a claim. If you are in poor health or a lifetime smoker, your premium will be higher because your life expectancy is shorter.

Here are some other areas which are factored in:

  • Your Age
  • Your Health
  • Your Lifestyle
  • Single/Married/Children?

All of these will make a difference to the amount of cover you need and how much the life insurance company will charge you. For this reason it is worth shopping around for a good policy compare offers to get the best one.

The Benefits if Life Insurance

The benefits of life insurance are that those who rely on you financially will be taken care of if you die. Most families rely on two incomes to support themselves if yours were to drop away, would your family be able to cope?

Even if you do not have children, your spouse or partner could be left with a pile of obligations such as credit cards or loans to deal with without your financial contribution they could be left struggling.

As with all types of insurance, life insurance is a way to protect you and those closest to you. If you die, the emotional stress will obviously be the hardest part for your nearest and dearest; by covering the financial aspect you could help them in more ways than one.

        


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