Life cover, also known as term life insurance, is an essential safety net for Australian homeowners. With many carrying significant mortgage debt, an unexpected event like a terminal illness or death can leave families financially vulnerable.
Life insurance provides a lump sum payout to your beneficiaries, offering financial security when it’s needed most. This payout can be used to pay off the mortgage, ensuring your loved ones can stay in their home, and it can also fund your children’s education or help maintain their lifestyle.
Investing in the appropriate life cover policy brings peace of mind, knowing your family’s future is protected.
LIFE INSURANCE ADVISOR
Talk to our Life Insurance Adviser to best protect your future and family!
Who can apply for life insurance cover?
You are eligible to apply or compare types of Life Insurance cover if you are:
Age: Typically between 18 and 64 years old (some insurers offer coverage up to 70 or 74).
Residency: Australian residents or citizens (some insurers may cover New Zealand citizens residing permanently in Australia).
Health: Insurers will assess your health and medical history. Pre-existing conditions may affect your eligibility or premium rates.
Occupation: Your occupation may affect the level of cover you’re eligible for and your premium rates.
Lifestyle: Factors like smoking or engaging in high-risk activities can affect your eligibility and premiums.
What’s included in terminal life insurance cover?
You can choose to have-
Understanding the Importance of Life Cover
Death Benefits – Pays a lump sum benefits which is the insured amount or cover if someone dies naturally. You can also get Accident death cover depends on the policy and the insurance provider.
Terminal Illness – An early payment of insured amount or life insurance if you are diagnosed with a terminal illness such as cancer, heart disease, neurological disease or organ failure etc. Most of the life insurances have this option of terminal illness cover.
Who Might Need Life or Terminal Illness Cover:
Homeowners: To help pay off the mortgage and protect their family’s financial security.
Parents: To provide financial support for their children’s future education and upbringing.
Income Earners: To replace lost income and maintain their family’s lifestyle.
Business Owners: To protect business partners and cover any outstanding debts.
If you’re considering life or terminal illness cover, it’s important to compare policies and seek advice from a financial advisor to ensure you choose the right cover for your needs and circumstances.
How to Structure Your Life Insurance Cover
Structuring terminal life insurance is a crucial part of your life protection policy. It will determine the premium, any possible tax benefit and overall changes in your personal cash flow due to premium. You can either go for Stepped Premium or Level Premium. Both have pros and cons.
Our life insurance adviser can help you to understand and determine the suitable policy structure.
Who receives the Life Cover Benefits
Your nominated beneficiary will receive death benefits. You can also change the nominee at any time. If the nominee passes away before you, then the benefits will be paid to surviving nominee. If there is no surviving nominee, then the benefit will be paid under the Life Insurance Act 1995 (Cth).
How much will Life Cover cost
Every individual has unique financial circumstances and objectives. So, your insurance should be unique too. The cost of cover or premium depends on various factors such as your age, gender, cover amount, health condition etc. Your policy premium will also depend on how you want to structure it.
Our life insurance advisor can help to choose an appropriate life cover amount and select the options that best suit your needs.
Find out your suitable life insurance policy option and comparison.
Our Life Insurance Advisor Can Help You To Choose The Right Cover
While it may seem easy getting a life insurance cover, however, it may be more stressful and intimidating.
Identifying the need of death cover and the amount is the first step. Structuring the policy, applying for it with loads of paper works and understating the terms and conditions are the rest of the steps. The entire process is time-consuming and requires an expert insurance advice to find the suitable solution.
We help to:
Compare, find and select the suitable cover
Negotiate with the insurer to save your best interest
Complete the application process and all other paperwork to save your time
Follow up with the insurer until your life insurance policy is in effect
Review the cover if your circumstances have changed
