Life Insurance

Life Insurance is very essential part of working family .
For example if Head of family is ill and can’t work and long term Health issues can cause family in devastating in family cash flow , raising living cost, and sudden death can lead to mortgage stress and lose the beloved one , leaving family in debt.

Life Insurance in a Snap Shot

• It pays an agreed lump sum in the event of your death or diagnosis of a terminal illness
• Used to cover debts and protect loved ones in the event of premature death
• Many policies also have a funeral advancement benefit
• Also known as Death Cover, Term Life Insurance, Life Cover
• Life Insurance is a simple policy generally the same across different insurers

The study showed that Australians are significantly underinsured when it comes to Life and Income Protection Insurance,with uptake ratios for Life and Income Protection Insurance falling well below those for car, home and health insurance.

The study pointed a several potential causes of under insurance, including :

  • A profound lack of awareness and understanding associated with Life and Income Protection Insurance
  • A lack of recognition of the potentially calamitous financial consequences of long term injury or illness or premature death, and
  • Misinformation associated with the cost of life and Income Protection Insurance,with most Australians significantly overestimating the costs.

Most Life insurance policies provide the option of Including Total& Permanent Disability(TPD) and Trauma Insurance.

How much cover is enough ?

It is important for you choose the right level of cover for you and your family’s needs.
Think about your financial commitments and how long they last, taking into account the following factors:
• Any Debts you have
• Your children’s future education costs
• How much an ongoing income stream would cost and
• Providing for any major future purchases.

How much does it cost ?

Premiums are calculated on your:
• Age(premiums may increase or decrease as you get older)
• Gender(women generally live longer than men so pay lower premiums)
• Whether or not you smoke

Case Study
Situation:45 year old  couple with two teenage kids and  a $150.000 mortgage with the father earning $90,000 a year and the mother providing full time home care. One parent dies unexpectedly from heart attack.

Life insurance of up to $500,000 allows the remaining parent to pay off the mortgage, leaving $350,000 to be invested and provide an income stream to the remaining family members

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