What is Life Insurance?
Life Insurance pays you a lump sum (or a fixed monthly amount) if that you die or are diagnosed with a terminal illness.
The terminal illness benefit (which is built into most Life Insurance policies) will pay out if you are diagnosed with a terminal illness, and have less than 12 months to live.
Why do I need Life Insurance?
Life insurance protects those people who depend on you. If you die, Life Insurance can provide financial security to your family, giving them time to grieve and the choice to take time off work. It can also be used to pay off debts like your mortgage, and to cover funeral expenses.
Do I have the right cover?
There are two different ways you can receive a Life Insurance pay out. The first (and most common) is a one off lump sum payment. The other way is to receive a pre-agreed monthly amount for a specified period i.e. $5,000 per month for 12 years. Neither option is better, it all depends on your personal circumstances and what you are trying to achieve.
Can I fix my premiums?
Yes you can. There are a couple of options available; your adviser can take you through these to find the one that’s best for you.