What is Life insurance?
Life insurance provides a lump sum payment if the insured were to either die or be diagnosed with a terminal illness.
Providing for your family
- Do you have a partner and/or dependants?
- Would they be able to sustain their lifestyle without you?
- Do you have any other financial commitments that rely on your income?
What this means for you
The money provided by life insurance can play an important role in eliminating your debts and other financial obligations. If you have a family, it can also be used to provide a source of essential ongoing income for their future needs — helping them maintain their current lifestyle. Some of the outcomes that life insurance is often used to achieve include:
- Paying your medical bills and funeral expenses
- Eliminating your mortgage and other debts (including business debt if you’re self-employed)
- Providing for household bills and everyday living expenses
- Providing for the future education costs for your children
- Adding cash to your estate so it can be divided equitably without the need to sell assets.
Life insurance can be combined with TPD and/or Trauma insurance or can be written on a stand-alone basis. It can also be written both within and outside of superannuation.
Insurance policies will often vary in their features and benefits, so you should work with your financial adviser to choose a policy that suits your needs and your budget.
Contact us today to arrange a time to discuss how we can assist with your insurance requirements.