Life Insurance

What is Life cover?

Life cover and Total and Permanent Disablement (TPD) cover provide you with the comfort of knowing that a lump‑sum will be paid if you were to die, become terminally ill or, for TPD cover, suffer a long‑term disability that prevented you from working. If you were to die, your beneficiaries will receive a lump‑sum payment to help them financially. Life cover pays an agreed sum of money when you die or if you are diagnosed with a terminal illness and have less than 12 months to live.

Why would I need it?

The purpose of personal insurance is to protect dependants from any financial loss arising from the insured person’s death or if they are faced with a terminal illness with less than 12 months to live. If you were to die, you would no longer be able to provide for your family. For example, this could represent food, clothing, education, paying off the mortgage and covering day-to-day expenses.

Who will receive the money?

When you die, the agreed lump sum will be paid to the person you nominate to receive the money.

How much will I need?

Talk to a financial adviser for an assessment of your wealth protection needs. The things they look at could include how much is needed to reduce or pay off your debts, provide for major future purchases, your kids’ education and any other expenses.

How much will it cost?

Your insurance premium will be based on a range of factors such as your age, smoking status, gender, health and the amount of cover you choose. Your financial adviser will develop a plan to suit your budget.

What if my circumstances change?

As your life changes, so do your insurance needs. There are particular points in your life like buying property, having a child and getting married, where you will find that your financial responsibilities increase. It is important to review your cover at these times. Some insurance plans make it easy to increase your cover at key times in your life and you don’t have to provide any additional information on your health status—check the relevant product disclosure statement (PDS) to see if the plan you are applying for has this feature.

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