Life Insurance
Life & Health Insurance
Every day you are faced with a wide range of risks to your personal wellbeing & lifestyle. Life Insurance helps you minimise the financial impact of death or a terminal illness.
Life insurance provides you and your family with financial certainty and support in a time of need.
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, payable on death or a terminal illness diagnosis.
The sum insured of the policy is typically chosen based on the needs and goals of the policy owner. It is a cost-effective way to provide for your family if you die or become terminal ill. Once it’s in place you have the peace of mind that your family will be looked after when you have gone.
The lump sum/money can help reduce debt, pay for funeral and estate expenses, or provide an inheritance, the choice is entirely yours.
Life Insurance can help contribute towards:
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Securing your families future
If you have a partner, children or someone who relies on you for help or income, then you should consider life insurance. If you earn an income that helps with household bills your family may find it hard to cover the cost if you were no longer around. Anyone who has dependents should consider taking out life insurance.
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Debts and Mortgages
It could also be important if you have debts, loans or an outstanding mortgage on your home. Life insurance could pay out a lump sum when you die which could be used to help pay off these debts or it could help your family with everyday living expenses or child care costs.
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Funeral costs
Failing to think about how you will cover the cost of your funeral could cause further distress to your family in the event of your passing. The price of funerals has increased substantially over the last few years. The purpose of life insurance is to provide for your dependants in the event of your death. The lump sum from a policy could pay for your funeral or cover some of the associated costs.
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Terminal illness diagnosis
While this is not something we like to think about, having access to these funds at this time can prevent financial stress from compounding the apparent emotional stress. Payment will be received after the diagnosis is formalised. For more information about terminal illness and Life, insurance contact one of our advisers.
Life insurance can provide financial stability.
If an essential person becomes terminally ill or dies suddenly within your family, life Insurance can provide the financial support you may need at a difficult time.
When the insured dies the insurer can make an immediate payment of between $5,000 - $15,000 on receipt of the death notice.
The rest of the sum insured is payable on receipt of all relevant documentation.
You can nominate the owner of your policy who will also be the beneficiary of your insurance.
The advantage of using an adviser means that you can receive the initial payment faster, letting you get on with funeral preparations.
Premium Payment
Instead of cancelling your policy if premiums get too high consider talking to your children about taking on the responsibility.
They can become a beneficiary to make sure the investment keeps going. One of our advisers can advise you on how you can change the beneficiaries of your policy. Trusts can also pay your premium, giving you options to make sure the investment is continued.
Talk to an Adviser.
Even though death is not the easiest topic to address it needs to be thought about. Contact one of our advisers to talk about your life insurance needs. We can personalise cover for you and your family. Worrying or having your loved ones worry about finance is the last thing anyone wants at an already vulnerable time.
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