Life Insurance

Life Insurance
Providing for a family includes many things – food on the table, a roof over heads, a child’s education to name just a few.  These things in particular all cost money, and often a lot of it.  So how will your family survive if you or your partner were to die?
Life Insurance cover provides a lump sum payment in the event if terminal illness or death.  The lump sum paid is the amount for which you are insured.  This payment can help minimise the financial stress on your family at a difficult time.  As they say, during difficult times, emotional stress is unavoidable but financial stress is optional and is incumbent on the financial decisions you make in life!You should consider having Life Insurance if you:

  • Have a Mortgage
  • Have other debt (car loan, bank overdraft, credit card,)?
  • Have financial dependents?

Can I have my Superannuation Fund pay for my Life Insurance cover?
The answer is a big yes!  Most Superannuation (and even compulsory by law now) to offer you a default or minimum automatic acceptance Life Insurance Cover.  However you need to make sure the insurance products offered by your Superannuation fund have got features that you are looking for.  For example you might want to know if the insurance product offer:

  • 24 / 7 Worldwide Cover
  • Stepped Premium (premiums increase with age – they are cheaper when you are younger, but more expensive over time)
  • Level premium (premiums do not increase with age – they are more expensive when you are younger, but less expensive over time)
  • Guaranteed Future Insurability (cover can be increased without medical underwriting if certain life events occur, such as getting married or having children)
  • Guaranteed Renewal (as long as you pay premiums, cover is guaranteed to continue regardless of changes to your health, pastimes or occupation)
  • Seamless and smooth claims processing
  •  Insurance Cover indexed to Inflation

Some of the features listed above will be available at an additional costs and you need to decide on the Price / Quality trade-offs (as you would when doing your groceries – should you buy the cheapest product off the shelf or a premium brand at a premium price!!)

How can you adviser help?  Your financially adviser has been professionally trained to help you choose the right insurance options for you.  The exercise will usually start with a Strategic Risks Insurance Needs analysis and then will follow the optimum Insurance product solutions to meet your goals and objectives.  Talk to us now to find out more!

Did you know these Australian Facts of Life:

  • On average 305,000 babies are born every year
  • Last year, more than 121,000 couples were married but more than 48,000 couples were divorced
  • Nearly 10% of full-time Australian workers will leave the work force due to chronic illness
  • 61% of Australians adults are over-weight, 40% of which are obese
  • 1 out 3 Australians will either suffer from a heart attack, Cancer or Stroke
  • 100% of Australians will die!

Source: Comminsure