What is life cover protection

Life policy is the protection that pays a lump sum to your heirs in the event of diagnosis of terminal illness or death. It is also known as term life insurance.

Homeowners in Australia mostly owe a huge amount of debt due to mortgages. Among them, many are unprepared to pay off mortgages in the event of any contingency. Others are unaware or are not adequately cover to pay the death benefits in the event of death.

Life cover can help to pay off the mortgage. It is the financial security of your family. The lump-sum received from term life insurance can also help to finance your children’s education and the family continue their lifestyle when you are no more here.

An appropriate life insurance policy will give the peace of mind that your loved one’s future is protected financially.

LIFE INSURANCE ADVISER

Talk to our Life Insurance Adviser to best protect your future and family!

Who can apply for life cover?

You are eligible to apply for Life Insurance cover if you are:

  • An Australian citizen or permanent resident or
  • A New Zealand citizen residing permanently in Australia
  • And aged between 18 to 74

What’s included in terminal life cover?

You can choose to have-

Death Benefit – Pays a lump sum benefit which is the insured amount or cover if you die naturally. You can also get Accident death cover depends on the policy and the insurance provider.

Terminal Illness – An early payment of the insured amount or life cover 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.

How to Structure Your Life Cover

Structuring life cover or 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 your life cover 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 objective. So, your insurance should be unique too.  The cost of life 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 adviser 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 Adviser Can Help You

While it may seem easy getting a life insurance policy, however,  it may be more stressful and intimidating.

Identifying the need for life 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 expert insurance advice to find a suitable solution.

We help to:

  • Compare, find and select the suitable life 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 life cover if your circumstances have changed