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Risk Insurance

Life Insurance

What it does for you.

Life insurance provides a safety net for your dependents if you were to die. So, although most of you will never receive a direct monetary benefit from this type of policy, it will give your loved ones inestimable comfort to know that they will be looked after if you were to die.

Life insurance not only helps supplement income and cover debt  if a main breadwinner  were to die, it helps provide a buffer during the grieving period as well as cover funeral costs. Importantly, life insurance is not just for the main breadwinner in the family if children, especially young children, are involved additional money may be needed for their care.

Life insurance is invaluable for sole parents and people who have children with more than one partner. While two partner families should have policies on their own lives.

Choosing life insurance which is right for you.

Life insurance is often offered through superannuation policies and, similar to income protection, this can be a cost effective means of obtaining the necessary cover. Generally, the basic coverage amount is fairly minimal and we suggest you take the extra action necessary to increase the amount for which you are covered.

There are different types of life insurance, term insurance, whole of life insurance and endowment policies. However, whole of life and endowment policies are rarely used these days due to their higher costs and very restricted availability.

Like all insurance policies, life insurance policies will differ from provider to provider. Obviously cost is a major issue but so is a hassle-free, well-handled payout. There are other considerations when choosing a life policy, such as, will the policy pay out in the event of you becoming permanently ill.

We can assist you to choose the most appropriate insurance cover for you.