What is life insurance?

Life insurance is a lump sum paid out in the event of your death or terminal illness.  This allows family and dependants to be financially secure in the event of your death.

Important to note that there is a suicide exclusion imposed for the first 13 months of when you commence a policy.

Enquiry  >

Do any of these describe your situation?

Married or in a defacto relationship: Many households rely on two incomes – could your partner maintain the lifestyle you currently live without your income?  If you have children could they afford the daily living costs alone?

You have a mortgage: Would your family be able to afford to continue paying the mortgage if you died?

You are a single parent: It is important that you make provisions for your children should you die while they still depend on you.

You are a stay at home parent: Your family could still suffer financially if you were to die.  Your partner may have to leave their job to look after the children or pay for child care and a housekeeper.

Your children are now adults and you are debt free: Would your family be able to afford the funeral costs?  Could your partner maintain the lifestyle you currently live without your income?  Would you like to leave a small inheritance for your children?

Your parent(s) depend on you financially: Insurance would mean that your parents would continue to be looked after if you were to die before them.

You are single: If you have children who don’t live with you, you may want to make sure they are still looked after financially after you die.  If you have any debt you want to make sure that your family isn’t left with this after you die.  You may just want to cover the cost of your funeral.

You own your own business: If you are the key person in your business your life insurance could be used to repay debt or replace the income lost whilst your business get back on it’s feet without you.

How much will Life Insurance cost?

This will depend on a number of factors:

• The type of insurance you take out
• How much cover you need
• Your past & current health status
• Your age
• Your gender
• Whether or not you smoke

Don’t compare different companies’ policies by their price.  Look at the details of the policies.

AN IMPORTANT CONSIDERATION:

Level Premium - What is is?

Most life insurance premiums increase with age, however, with a level premium policy, you pay a fixed premium for the life of the policy.*

This gives you certainty, and long term affordability.

* Premiums may still change if the insurer changes its underlying premium rates or if you choose to have your benefits linked to the Consumer Price Index (CPI). Once you reach 65 or 80 years old your premiums will then increase with your age.

GOOD REASONS TO HAVE LEVEL PREMIUM COVER:

• NO PREMIUM INCREASE
• Knowing that your premiums will not increase with age allows you to budget more easily for the future.
• LONG-TERM AFFORDABILITY
• Although a level premium option will cost you more initially, the total cost over the life of the policy is considerably less.
• SIMPLICITY
• With a level premium policy you are required to undergo one health check only, at the policy’s inception.

Contact us for more information.

Enquiry  >