What is life insurance?
Life insurance is a policy that you pay a monthly, quarterly or annual premium on, to provide your family or beneficiary with funds when you die or if you become terminally ill.
There are 4 main components:
Buying life insurance
A lump sum paid to your family or beneficiary if you die or become terminally ill. This will cover things like funeral expenses, debts including home loans and personal loans, and to provide an adequate income for your dependants.
Up to 75% of your income paid on a monthly ongoing basis if you are unable to work due to sickness or injury. This benefit is paid until you are able to return to work or until you turn 65.
Provides a lump sum in the event that you suffer a major traumatic event such as a disease or injury. Examples are cancer, heart attack or stroke.
TPD insurance (Total Permanent Disability Insurance)
A lump sum payment if you become classified as totally and permanently disabled through sickness or injury and are unable to return to work indefinitely.
Buying life insurance can be
complex and each of the four product types come with tricky options which drastically affect how useful the product is. Policies can be obtained quickly and cheaply online but, how are you going to be sure that your insurance is sufficient to maintain your family’s lifestyle in the event of sickness, accident or death?
This is where a broker can help.
Our Brokers will:
- Not charge you a fee
- Determine how much cover you need
- Compare pricing
- Advise on levels, types and quality of cover
- Help you to understand various options which can make a significant difference at a claim time
- Show you how part of your cover may be tax deductible
- Provide ongoing support, assistance with claims and complimentary reviews
Generally insurance is always bought through brokers who get commissions from the insurers; this is why they don’t charge you a fee. With different brokers you typically get identical selection and pricing, so what’s important is their professionalism, experience, ability to speak to someone when needed
Pricing for the different types of policies generally depend on factors such as
your age, health, salary, smoking status
. You will be surprised at how affordable a life insurance policy really is. Lodge an enquiry now to be contacted by one of our qualified, experienced brokers.