What Is Life Insurance?
Every day you are faced with a wide range of risks to your personal wellbeing & lifestyle - Life Insurance helps you minimise the financial impact of death or a terminal illness.
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, payout on death or a terminal illness diagnosis.
Typically, life insurance is chosen based on the needs and goals of the owner.
Life insurance is a cost effective way to provide for your family if you die or become terminal ill. Once its in place you have the peace of mind that your family will be looked after when you have gone. The lump sum can help reduce debt, pay for final expenses, or provide an inheritance. The choice is entirely yours.
LIFE INSURANCE CAN PROVIDE
If an essential person becomes terminally ill or dies suddenly within you family life Insurance can provide the financial support you may need at a difficult time. If a life insured dies the insurer can make an immediate payment of between
$5,000 - $15,000
on receipt of the death notice. The rest of the sum insured is payable on receipt of a death certificate and accepted claim. You can nominate the owner of your policy who will also be the beneficiary of your insurance. The advantage of using an advisor means that you can receive the initial payment faster, letting you get on with funeral preperations.
Life insurance provides you and your family with financial certainty and support in the time of need.
CAN HELP contribute towards
Securing your families future
If you have a partner, children or someone who relies on you for help or income, then you should consider life insurance. If you earn an income which helps with household bills your family may find it hard to cover the cost if you were no longer around. Anyone who has dependents should consider taking out life insurance.
DEBTS & Mortgages
It could also be important if you have debts, loans or an outstanding mortgage on your home. Life insurance could pay out a lump sum when you die which could be used to help pay off these debts or it could help your family with every day living expenses or child care costs.
Failing to think about how you will cover the cost of your funeral could cause further distress to your family in the event of your passing. The price of funerals has increased substantially over the last few years. The purpose of life insurance is to provide for your dependants in the event of your death. The lump sum from a policy could pay for your funeral or cover some of the associated costs.
Terminal Illness Diagnosis
While this is not something we like to think about, having access to these funds at this time can prevent financial stress from compounding the obvious emotional stress, Payment will be recieveed after the diagnosis is formalised. For more information about terminal illness and Life insruance contact a broker.
Instead of cancelling your policy if premiums get to high consider talking to your children about taking on the responsibility. They can become a beneficiary to make sure the investment keeps going. One of our brokers can advise you on how you can change the beneficiaries of your policy. Trusts can also pay your premium, giving you options to make sure the investment is continued.
Talk to an advisor
Even though death is not the easiest topic to address it needs to be thought about. Contact one of our advisors to talk about your life insurance needs, We can personalise cover for you and your family. Worrying or having your loved ones worry about finance is the last thing anyone wants at an already vulnerable time.