Life Insurance Australia
Life Insurance Australia offers instant up-to-date access to the best value Life Insurance, Trauma Insurance, Income Protection and Insurance Quotes information, resources, products and services from a comprehensive range of Australia's leading and best known life insurance specialists.
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Fri, 20 November 2009
Life Insurance Australia- some guidelines
Life insurance is often described as Term Life Insurance. Quite simply, this type of insurance policy will provide a cash lump sum in the event of death. Some policies pay on the diagnosis of a terminal illness. Cover normally applies immediately to any cause of death with the exception of suicide occurring within the first 13 months. Premiums generally increase each year as you get older.
What is total and permanent disability insurance (TPD) ?
Total and permanent disability insurance (TPD) is usually an optional extra on a life insurance policy and covers against a permanent disability. The amount of cover you can buy is usually limited to the amount of life cover purchased. A claim is usually paid as a lump sum.
Why do I need life insurance and/or TPD insurance?
The choice of cover depends entirely on an individual's circumstances. Term life insurance is probably the most economical form of protection for your family in the event of your death. TPD insurance covers serious and permanent disablement but does not cover temporary disabilities or many traumas - these are best covered by income protection and trauma policies. The number of cases of total and permanent disablement in comparison to other conditions is small, so if you have a limited amount of dollars to spend on insurance you will need to weigh up whether to spend it on this form of cover.
How much cover do I need?
Once you accumulate liabilities and have dependants, the need for insurance increases. On the other hand, as you approach retirement you are more likely to have accumulated assets and paid off liabilities and children are more likely to have left home, reducing the need for life or permanent disability insurance.
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Here are some Life Insurance Australia articles that may be of interest ...
Insuring against loss of income An important part of stress-testing yourself involves imagining what would happen if your source of income were cut off. If you have done that and the answer scares you, there are various forms of insurance you can take out ... more
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Income protection insurance
It is trite but true to say that for most people, their most valuable asset is their ability to earn an income. But how relevant is income insurance to most Australians? ... more
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