Life Insurance provides a lump sum benefit to your beneficiaries or estate in the event of your death, or diagnosis of a terminal illness. This is one of the most common types of cover taken out as it provides financial security directly to your loved ones and is paid out as a lump sum.
Life insurance is designed to provide a lump sum payment in the event of death or if you were diagnosed with 12 months or less to live. It has a built-in funeral benefit for most providers which is between $15-25K. Coverage is generally available from $50,000.
Beneficiaries generally use the funds to pay out a mortgage, pay for children’s education, pay off any additional debt, provide for funeral expenses and future living expenses etc.
Have you ever wondered what would happen with your home loan repayments and other financial commitments if something happened to you? You can avoid financial burdens caused by death, illness or injury by protecting yourself with life and income insurance.
Some important questions to ask yourself:
- What types of cover can I choose from?
- How much will it cost?
- What if I need to make a claim?
- How much insurance do I need?
Your biggest asset is your ability to earn an income.
You insure your car & your house – why not yourself?
