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Benefits of Life Insurance

  • Pays a lump sum benefit to your beneficiaries when you pass away or get diagnosed with a terminal illness.
  • Premiums from as little as $27.72 a month**.
  • Worldwide cover,  24/7
  • You can apply if you are aged between 10 and 74 years old
  • Available for purchase through your superannuation.

Life Insurance

Life Insurance is not about you. Life insurance is about your loved ones and ensuring they’ll be looked after financially. Without a proper or adequate term life insurance policy, you risk your dependents being left in financial disarray.

With life insurance you’re able provide your family with a financial safety net. They’ll be able to pay for everything, including the mortgage repayments on the house, utilities, car insurance and groceries.

Usually purchased as either a salary replacement so that your spouse and/or children are able to maintain their standard of living or as a tool to pay off your debts and pay for funeral expenses.

Imagine your family is having to deal with your death and then finds out how ‘bad off’ your financial situation truly is. They want to give you the funeral you wanted, but after going through your bank statements, they realise you only have about $1000 in your bank account, you were completely behind on your bills and have no term life insurance.

Within a few weeks of your passing, the shut-off notices start to arrive. The bank calls daily to inquire about outstanding mortgage payments. You’re family now has to give up the house they grew up, give away their family pets and move into a cramped two bedroom apartment.

What is Life Insurance?

Life insurance is a type of policy that pays a lump sum benefit to your nominated beneficiaries upon your death or upon diagnoses of a terminal illness.

This happened to 20 year old Brittney LaCombe, after her mother passed away the day after Mother’s Day. You can read her award winning essay at www.lifehappens.org/past-scholarship-recipients/brittney-lacombe/.

Clearly, life cover is often a neglected area of personal finances. We hope this article provides you with the necessary information to make an informed decision regarding your family’s future financial needs.

Whatever your reason for purchasing life cover, the policy can give you peace of mind knowing that upon your death, your loved ones will be looked after.

When to Buy Life Insurance

The best time to get life cover is now. The worst time to buy life cover is when you need it. Older people and those with an illness or disability can pay much higher rates for life cover. It’s advisable that you buy your policy as early as you possibly can.

You generally only require life insurance when other people depend on your income. If you have a spouse and/or children dependent on your income or you’re taking care of your parents financially, then you should get a life policy . Especially if you have a mortgage and still have many years left raising your children. The 6 most common reasons people take out life cover is because:

You should also consider what ongoing commitments and obligations you have. If you or your partner have taken out a loan, or have bought a house – and one of you passes away, the other may not be able to handle the payments on their own.

You’re unlikely to need life insurance if:

How much cover (sum insured) is needed?

When you do buy life cover , make sure you buy enough. The main purpose of the cover is to prove a lump-sum payment that replaces the deceased person’s income. So, the question you need to ask yourself is “How much income will I need to replace?” Also, consider the following:

The answers to these questions will influence your decision on how much coverage you need. Speak to a specialist advisor about your policy options in making your policy more affordable, whilst still ensuring it meets your needs.

Cost: How much is Life Insurance?

In general, the more protection your policy offers, the higher your premiums. When determining how much you’ll need, figure out how much cash and income your dependents would have if you were to die today, and the amount they would actually need to maintain their current lifestyle. Your chosen policy should come as close to making up the difference as you can afford.

We make it easy for you to compare policies online with our powerful comparison engine.

Buy with confidence today for peace of mind tomorrow.

The cost of your life cover will be dependent on a number of factors, including:

1. The level of cover you applied for

2. The base rate premium offered by your insurer

3. Your chosen premium option:

Generally, insurers offer Level, Stepped and Hybrid premium options.

4. Age

All other things being equal, the younger you are the less expensive your life cover will be. This might be due to younger people having fewer diagnosed and undiagnosed health conditions and a longer life expectancy.

5. Gender

Your gender is an important determinant of your future health and well-being.

6. Smoking status

Smokers pay a higher premium for a life policy due to their increased risk of ongoing health problems and because they have a shorter lifespan than non-smokers.

7. General Health status

It’s important that you fully disclose all pre-existing medical conditions at the time of your policy application.

8. Additional cost policy solutions:

Insurers generally offer a number of additional cost policy options that are designed to further enhance your policy.

Make sure you speak with a specialist consultant at Life Insurance Direct about options available to you, including:

Tell the Truth

When you complete your application , it’s vital that you disclose any pre-existing conditions, your smoking status and answer all questions honestly.
There are serious ramifications when misrepresenting your answers to questions on an insurance application. If you did not fully disclose your medical history, the company may deny your claim and refuse to pay a death benefit.

Shop Around

Be informed about your policy and the company issuing it. Not all insurers are the same, and will analyse your situation differently, there is a big difference in price and coverage out there.
You want to make sure you choose a company you can rely on to be around for as long as you’ll need coverage. That’s why it’s important that you compare similar policies from different companies to find which one is likely to give you the best value for your money.
Even if you already have a life policy , it won’t hurt to check out the new rates even if you are a little bit older. You never know what the best premium will be unless you shop around.

At What Age Can I Apply for a Policy?

Generally, the policies we compare come with entry ages of 11 – 75 years old, depending on your chosen insurer and premium structure (stepped or level). However, this may differ from insurer to insurer. It’s important that you always consult the product disclosure statements (PDS) of any given policy.

Keep in mind, the decision to take out life insurance is more about the stage in life you’ve reached, than simply your age.

At What Age Will My Policy Expire?

The policies we compare generally come with an expiry age of 100. However, please consult the PDS before making a decision.

Other Types of Insurance to Consider

Life Insurance provides cover to your loved ones in the worst-case scenario of your death. However, it’s also important to consider how you’ll support your loved ones should you be alive and unable to work due to illness or injury.

You might be interested to read through some of the below links, helping you navigate the different types of policies and their appropriateness at this stage of your life.

**Based on a 30-year-old, non-smoking male admin clerk, living in NSW, purchasing $1 million worth of Life Insurance as at 21 November 2019 (stepped premiums).

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