Get Covered with Life Insurance
Life insurance offers financial protection for your family at a time when they shouldn’t have to think about their financial security. In the case of death, or terminal illness and has less than 12 months to live, the dependants receive a lump sum payment.
One of the common mistakes people make in considering life insurance is that it only applies to the family’s main income earner. The home maker is also a significant contributor – without them the income earner may not be able to continue working.
A lump sum life insurance payout can help your family:
- stay in the family home by paying out the balance of the mortgage
- help maintain the same standard of living by providing an amount that can be invested or drawn down as income over a period of time
- cover future planned expenses such as children’s education
Term life insurance premiums are generally not tax deductible for individuals, but the benefit is generally tax free.
Obviously the risks of insuring your life increase as you get older. By taking out life insurance at an earlier age you may be able to get a policy where you won’t be required to undergo a medical test if you want to increase your cover later in life.
Personal Insurance Cover
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