Why buy life Insurance products ?

All of us have immediate financial needs and our ability to meet these needs depends on our capacity to earn an income.
An income also allows us to save for the future,like saving for a home or car, to raise a family or retire comfortably. An income also lets us save to invest in things like shares, business ventures or assets like property, which can grow our savings faster, funding more ambitious future plans.

Injuries, Illnesses and death can stop you earning an income either temporarily, or permanently,putting all this financial plans at risk. Life insurance products provide a backup when you can’t earn an income due to these events. The  amount of money that life insurance can provide  can be significant –in the hundreds  thousands or even millions of dollars-depending on your level of cover.

What are the financial consequences of illness,injury and death ?

The financial impact of different events depends on your financial circumstances however,the following information can help you assess the potential cost.

Risk Financial Cost
An Illness or an injury could stop you working for a period longer than you have sick leave accrued The value of your income for the period you are off work
Die prematurely The value of your income and the wealth it could have created, for the rest of your family’s life
A medical trauma, which can take you off work for long periods, or for the rest of your life The value of your income for any period you are off work, possibly for the rest of your life. Also there may be the cost of any spectial medical expenses not covered by medicare or your health insurance
Become totally and permanently disabled If you are unable to work, the value of your income for the rest of your life, Also , the cost of adjusting your life to the disability, as well as any special medical expenses not covered by medicar or your health insurance

The Advice in this information does not take into account your objectives,financial situation or needs. Before Acting on anything , you should consider whether it is appropriate for you , in light of your objective, financial situation or needs. Every life insurance product will have a Product Disclosure Statement created by the insurer that you should read carefully before making a decision about that product.
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