Generally Life Insurance Policies in Australia pay a lump sum, if the insured person dies, or is diagnosed with a terminal illness.
A life insurance policy in Australia is a form of Personal Insurance and also called Term Life Insurance, the main type of life insurance available here.
Broadly, under the Life insurance umbrella in Australia, we have policies such as:
- Life Insurance
- Income Protection Insurance
- Trauma Insurance
- Total and Permanent Disability Insurance
- Funeral Insurance
Thus, you can choose the policies that you need from them.
Why do we need Life Insurance?
Australia is the lucky country. However, when it comes to illness and death, we, in Australia, are just as susceptible as anyone else. And thus, we need life insurance.
Life insurance has become crucial in today’s economy, as expenses always seem to keep be mounting up. And, since each one of us has different needs, we are often looking for life insurance policies that are tailor-made to suit us. This is what we specialise in.
With you for life and beyond
We are committed to solving all your life insurance queries and helping you in choosing the suitable insurance that protects your family and loved ones. Our team is geared to navigate you through the financial jargon and insurance terminology into the clear waters with a smile. For years, we have offered trusted and valuable information to our clients and thus we have won many awards and are one of Australia’s leading insurance advisors.
When is the right age to take out an insurance policy?
When it comes to life insurance, if you have a family, are planning to have a family or have outstanding debts, it’s never too early to get a life insurance policy. Life insurance gives you the peace of mind you deserve.
Which life insurance company?
Many life insurance companies offer life insurance in Australia. Australia is known for its sophisticated and solid insurance sold by major players. Life insurance quotes and what they cover do vary from one company to another. There is no one insurer that fits all needs. Depending on your unique needs and individual circumstances, we are committed to finding you the policy that meets your needs.
We specialise in comparing various policies, definitions and quotes from major insurance companies to enable you to get the policy that fit your needs. And what’s more, all this costs you nothing.
What other types of life insurance policies are available in Australia?
Right now, in Australia, we have Term Life Insurance. Insurance policies like Universal Life Insurance or Whole of Life Insurance, that were once available, are not available any longer in Australia.
When do policies expire automatically
In Australia, most policies generally expire when you turn 100.
The best way to find out about all the terms and conditions, coverage and benefits of life insurance policy is by reading the products disclosure statement.
How much should you insure life for?
Generally, people choose a policy that is worth ten to twenty times their annual income to cover costs. However, a practical way to calculate current level of cover is to add Debts (mortgage, credit cards, loans etc), Ongoing Expenses (daily living expenses and future expenses including food, lifestyle, children’s education etc.) to establish the level of cover you require.
Who will receive your life insurance benefit?
Select insurers allow you to nominate up to five people, either when you apply for the policy or at a later date, allocating various percentages of the benefit to these beneficiaries. If a life insurance policy has no beneficiaries then the money will go to the estate and the benefit will be divided as per the will of the deceased.
The factors that affect how much you pay for your life insurance policy
In Australia, generally you have the option of paying your premiums either monthly or yearly. Some of the factors that generally influence how much premium you pay are:
- Age: Generally, younger people pay lesser premium compared to their older counterparts because of lesser risk to their life
- Gender: due to a higher life expectancy women generally pay lesser premium for their life insurance
- Are you smoker? If you have smoked in the twelve months, you are defined as a smoker when it comes to life insurance. Smokers pay more premiums because of the obvious health risks. The good thing is you can pay “non-smoker premiums” if you have not used nicotine products or smoked for twelve months.
- the premium payment structure you would prefer generally
- stepped (increase in premium as your age increases)
- or level (premium is averaged and remains same until the age of 65 or 70, depending on your insurer)
We help you by comparing quotes, getting the discounts and informing you about various insurance policy options. Thus, call us now for any questions on life insurance. No questions are too big, too small or too many!