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Life cover

Life insurance will help to safeguard your family against financial hardship as well as to help to protect their savings and assets.

What is Life Insurance?

A Life insurance policy provides a lump sum payable to selected beneficiaries in the event of your Death or diagnosis of a terminal illness. This benefit may be used to assist with the repayment of debt, fund legacies and additional capital for ongoing income needs of your beneficiaries.

How can Life Insurance help you?

Below are just a few of the many ways a life insurance policy can benefit you and your family:

 

  • Pay for funeral expenses (Advanced Payment)
  • Repay your mortgage and other debts so that your family doesn’t have to sell your assets to enable them to meet their future living expenses and maintain their lifestyle
  • Leave as an investment for your children or grandchildren’s education
  • Distribute your wealth evenly to your beneficiaries without having to sell your assets
  • Make charitable bequests
  • Cover other expenses such as childcare and housekeeping

 

Life insurance will help to safeguard your family against financial hardship as well as to help to protect their savings and assets.

 

Why do I need Life Insurance?

As a parent, child, partner or carer, having an appropriate Life Insurance policy enables you to ensure that your family does not have to suffer financially in the event of you passing unexpectedly. It may not take away the pain of losing a loved one, but it will ease the pain of any financial burden passed onto your family.

How can I pay for my Life Insurance?

Insurance policies can be paid from any direct debit or credit card accounts and in some cases by Cheque. If affordability is an issue, your policy may be funded via a partial rollover from most superannuation funds. This will eliminate any out of pocket expenses

Stepped and Level Premiums?

Stepped premiums are generally cheaper to begin with however will increase each year – These increases are due to CPI or 5% whichever is the greater and in the case of stepped a risk loading is applied on every policy anniversary normally on your birthday, or on the policy anniversary date.

 

Therefore, the older you get the higher this risk loading becomes. So stepped premiums increase at an ever increasing percentage as you age making it unaffordable when you need it the most.

Stepped premiums are great for those who require an insurance policy for only a short time

Level premiums allow you to ‘lock-in’ your premium – If you select level premiums, the amount you pay will be based on the Life Insured’s age at the Plan start date and premiums will remain the same other than CPI increases on each anniversary date of the policy renewal. Your premium normally only increase if your Benefit Amount increases or policy modification.

 

This type of premium initially will be more expensive than stepped premium but can often result in greater savings over the long term. Most importantly, level premiums can ensure that your insurance cover remains affordable and sustainable when you need cover the most.

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