What is Life Insurance?
Pays a lump sum benefit (death benefit) to your estate or nominated beneficiary(ies) should you pass away or you meet the policy definition of ‘Terminally Ill’ during the period of cover.
How much your estate or nominated beneficiary(ies) get paid depends on the sum insured of your policy.
This insurance reduces the financial stress of leaving behind debt and expenses for your spouse and/or family.
What Should Life Insurance Cover?
It can be used to fund items such as:
- Funeral costs,
- Final medical bills,
- The balance of your home and/or investment mortgage
- Other debts,
- Children’s education and other costs,
- Ongoing income for your spouse or family members, or
- Bequests to beneficiaries.
Some low-cost, group cover, often provided by super funds, can have further exclusions such as acts of war. You need to understand what these are and how they affect the cost of your cover.
To obtain a Life policy cover that holds appropriate policy definitions and is cost effective in comparison to the market then
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