Life Insurance is the cornerstone of personal insurance protection.
Thinking and talking openly about death can be a difficult topic for many, but one of the most important things we can do during our lives is to ensure that you — and the people dependent on you — are protected against the unexpected in case something happens suddenly or you are diagnosed with a serious illness.
It’s of vital importance to have the protection in place before something happens; not wait until it’s too late.
Life Insurance will pay an agreed “lump sum” payment in the event of death under the terms of the policy for a specified amount typically ranging from $100,000 to $2,000,000, and normally taking about 30 to 60 days to pay out from the time of death.
The purpose of life insurance is to provide your family or loved ones with financial security in the event of your untimely death, including funeral and burial costs, outstanding debts, and general estate care that may be left to your family after you’re no longer around. The very last thing most people want is for their death to place added stress or burden on the lives of those they love.
Life insurance typically falls into 2 categories:
Whole Life Policies — these are insurance policies that effectively cover you for life.
Term Life Politics — these are insurance policies that cover you for a set period of time.
Generally speaking, the younger you are, the less you pay for premiums, however people at all ages can get affordable life insurance. Some policies can be renewed easily, while others require a medical examination.
The specific amount you will pay is always worked out on an individual basis.
Premiums are based on a number of individual factors, including health, age, sex, smoker status, and other relevant risk factors.
An appropriate level of cover should be decided after discussion with a qualified adviser.
Factors you may want to consider can include the level of household debt, the education and care needs of any children, and the amount of potential household income that needs to be compensated by premature death.
A qualified life insurance broker will be able to answer all of your questions and provide you with up-to-date information on market-leading cover that’s right for you.
Contact us with any questions you may have.
With a combined 200+ years experience, our highly qualified experts understand the importance of insurance across all aspects of business and provide innovative insurance solutions.