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Term Life Insurance: What you need to know?

The preferred Life Insurance in Australia, term life insurance is defined mainly as a type of insurance that provides coverage at a fixed rate of payments for a certain period of time.  The limited term, which usually lasts until the age 99, varies from one Australian Life Insurance company to another, so you will need to compare the different plans available to see which one terminates life insurance benefits after 10 years or less.

Generally, term life insurance provides a lump sum to beneficiaries in the event of the policyholder’s death or to the policyholder himself in case of a serious illness. This is therefore one of the best ways to secure your family’s future and protect yourself from future hospitalization and medical expenses due to a serious medical condition. And if you are the sole breadwinner in the family, all the more you need to get insured. Why? Because in the event of your death, the lump sum payment can:

 

  • ·         Serve as an income to cover everyday living expenses
  • ·         Pay off mortgage, debts, and other outstanding loans
  • ·         Help continue your child’s education

 

But on top of all these financial benefits, term life insurance can bring you peace of mind, knowing that in the event of life’s uncertainties, you and your family are protected.

 

Now, you might ask, “How much life insurance cover does my family need?” The amount actually varies as situation is different from person to person. But to help you determine how much you may need, here’s a life insurance calculator. Feel free to check it out or contact one of our advisers to assist you. You may also look at our guides Understanding Insurance and Understanding Estate Planning to help you get started.

 

Want to know how much term life insurance cost? Again, cost varies, and this depends mainly on these 6 major components: 

age, gender, coverage, existing health, smoking status and duration of life insurance coverage.

Contact us and we’ll help you tailor a Life Insurance quote that fits your needs.

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Getting term life insurance does not really have to be a complicated process. So we also offer a free online service that allows you to compare some of the leading Life Insurance Companies in Australia today. Not only that, we can also provide you a comparison between your old discontinued life insurance policy and some of the available plans today. So go ahead and try our service today!