Term Life Insurance |
| Term life insurance is a life insurance policy
which pays you a lump sum on the death of the
life insured. With term life
insurance, there is no savings
component to be considered, so the premiums for
a term life insurance policy
are much more affordable than the traditional
life insurance savings policy of the past. |
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Term
life insurance is a form of security.
It’s the financial security of knowing that,
should you die, your loved ones will not be
financially destabilised. The life
insurance company will pay your
nominated beneficiary a pre-agreed lump sum upon
your death, or perhaps on diagnosis of a
terminal illness, depending on your policy. In
exchange, you agree to make regular premium
payments (monthly, quarterly or yearly) for that
term life insurance policy
during the time you want to be covered for the
term life insurance. It’s important to know
exactly what your term life insurance policy
covers and whether there are any exclusions
(such as suicide in the first 13 months), and to
ensure you understand and have read the product
disclosure statement to the policy which
outlines all the terms and conditions of the
particular term life insurance
policy you are taking out. |
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Do I need term life insurance cover? |
| Life insurance
is essential. Have you considered how your
family would survive financially if you were no
longer around? Would they have to sell the house
because they couldn’t meet the mortgage
repayments? Where would this week’s grocery
money come from? What about next month’s
mortgage payment? What about the car? Would they
have to sell that, too? And would the children
have to change schools? The loss of a loved one
is bad enough, but the grief is only compounded
when financial stress is added. Read more... |
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