In the event of death or terminal illness, life insurance provides a lump sum payment to the nominated beneficiary of the life insured.
The most common type of life insurance in Australia is term life insurance. It is available to be purchased by people aged between 17 and 69, and can usually be renewed until the last policy anniversary date that falls before the person’s 99th birthday.
Life insurance helps to protect your family in the event of your premature death.
A lump sum payment is provided, which can be used to help with the following:
Everyone has unique needs in this regard.
Generally, the main impact of the premature death of a family member is their lost income. If you are a full time carer to a young family, replacing you can also be costly.
Adding up the total sum of your current debts less assets you would want to sell in the event of premature death is a good place to start. From here, depending on individual circumstances, we might add in educations cost of children and funeral costs. The future income requirements of the family is also an important factor to consider, as many families struggle to survive after the death of the main income generator.
Unfortunately, there is no simple answer to that question. The cost of life insurance depends on a number of factors, these are just a few.
Or use the form below: