Life Insurance provides a lump sum payment in the event of your death or if diagnosed with a terminal illness, with 12 months to live. This payment is given to your financial dependents, such as spouse, children, and ageing parents to maintain their current way of life if you were to pass away. There are different types of Life Insurance;
Life Cover pays out a lump sum payment in the event of death or terminal illness. TPD Insurance that pays a lump sum payment if the insured becomes permanently disabled and is unable to work again. Trauma or Critical Illness Insurance provides payment if the insured suffers a medical trauma or injury. This could include Cancer, Stroke, and Heart attack. Policy conditions will vary between insurers, so make sure you compare before you buy. How do you compare different policies to find the right one for your situation? Think about the amount of coverage you will need, which will depend on: Your daily living expenses Your outstanding mortgage Outstanding personal debts The number of children you have to provide for and education expenses To determine how much life cover you need based on your current situation, you can receive a rough estimate with Life Insurance Finder calculator. There are also factors that determine how much premium you pay, such as;
Gender, Age, Cccupation, Whether you smoke, your Drinking habits, Family medical history, and Pre-existing medical conditions. At time of assessment, these factors enable an insurance provider to determine the level of risk you carry which is reflected in the premiums you will pay. Looking to apply? Visit Life Insurance Finder and compare quotes from a range of Australian insurance providers. An Insurance Consultant will contact you to discuss the quotes you have received and help you find the right policy.