What is Life Insurance?

Life insurance in Australia is a type of insurance designed to protect your loved ones financially when you pass away. Upon your death, your beneficiaries or your estate will be paid a lump sum amount according to the sum insured as outlined in your life insurance policy. This money can be used to pay off any outstanding debts and provide your family with ongoing income.

Most Life insurance policies include Terminal illness benefit.

Why should I have life insurance policies?

If you have a family or friends that you would like to be taken care of financially when you pass away, then life insurance is imperative. You may also need life insurance if you have a number of outstanding debts like a mortgage or other personal loansĀ and if so life insurance is essential to the financial protection of your loved ones.

How much term life insurance coverage should I have?

The amount of life insurance coverage you need will depend on a number of factors, like the amount of mortgage or personal debt you have, the age of your children if any, and the amount of income your family will need in your absence. In the least, you will want enough life insurance coverage to pay for the mortgage, your funeral, and enough income for your children until the age of 21.