Trusted Financial Advice
Life Insurance
It’s not easy to think about how you would secure your family’s future if you were no longer around. Understandably, we would rather not think about this, but it’s important to protect the things that really matter – like our loved ones, home and lifestyle – in case the unexpected happens.
What is life insurance?
Life Insurance provides a safety net for your family and loved ones if you die, helping them cope financially during a difficult time. Ultimately it offers reassurance that your family would be protected financially if the worst was to happen. Life insurance is also referred to as ‘life cover’ and ‘death cover’.
Do you need Life Insurance?
If your spouse, partner, children or other relatives depend on your income to cover the mortgage and living expenses, then it will be something you need to consider. Times to consider life insurance include:
You might like to try our risk calculator. This calculator identifies the percentage chance of you being unable work for two months of more, suffering a critical illness, or death occurring at some point between now and when you plan to retire.
What type of insurance do you need?
Depending on your personal situation, the type of life insurance product you need will vary so getting the right advice is essential. There are a variety of types including level term insurance, decreasing term insurance, whole of life and many more.
But don’t worry your adviser will establish what you need.
How does it work?
Life insurance usually pays out a lump sum if you pass away and some pay out if you are diagnosed with a terminal illness where you’re not expected to live more than 12 months. You decide how much the policy will pay out depending on factors such as your outstanding debts and continued living expenses for your partner and children.
How much does it cost?
This depends on your personal situation and includes:
