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Life insurance is designed to provide a source of income for your children and other dependants should you die or become disabled.
Most life insurance policies pay a lump sum, which allows your family to continue meeting important financial obligations, including:
So, why life insurance? Because losing a loved one or watching them suffer through illness is distressing enough without adding financial strain to the mix. You can learn more about life insurance for families here.
There are four main types of life insurance designed to cover a range of different scenarios:
The right life insurance policy for you depends on your income, age and family situation. Use the iSelect Life Insurance Calculator to work out how much cover you might need.
While your private health insurance may cover hospital stays and general treatment, it's not meant to provide coverage for long-term after-care resulting from serious illnesses. Nor can it replace lost income resulting from critical illness.
Trauma insurance is designed to meet that gap by covering the long-term costs associated with serious illness, including:
It can provide welcome financial relief during a difficult time, giving you one less thing to worry about.
Many people mistakenly believe that if they have a pre-existing medical condition, they won't qualify for life insurance. But this isn't necessarily true.
In some cases, you may still be able to get life insurance by paying higher premiums. This is known as “premium loading”, and takes into account the higher risk for the insurer. While you may have to pay more, the alternative is having no cover at all, which can leave you and your family financially exposed if disaster strikes.
Alternatively, the insurer may add an "exclusion" to the policy, which means they won't pay out if the pre-existing condition is the cause of death. In this case, it's important to review and compare different policies to find one that best meets your needs.
Income protection premiums, when held outside of superannuation, are generally a tax-deductible expense.
As every person's situation is unique, be sure to seek advice from your taxation accountant.
If you’re searching for a suitable life insurance policy to keep you and your family financially secure, Lifebroker can help.
Lifebroker compares insurance products from a range of Australia's leading life insurers and can get you fitted with a life, trauma, TPD or income protection policy for your needs.
Best of all, it won't cost you a cent.
Once you have told Lifebroker your needs, their comparison tool will compare the life insurance products of their life insurance partners that are available.
Start comparing life insurance policies now, or call 13 19 20 and let us help you find a policy today.