19 Aug Low Cost Life Insurance Policies Available in Australia
No one wants to pay out more than they have to, no matter whether the bill is for food, medical costs or life insurance. While some people think that life insurance is just another unnecessary cost, it really will save your family a great deal of heartache in the event of your death. It would be bad enough losing you, but if your death also meant losing the family home and all the plans you had for your children then it would all be so much worse.
But with life insurance this can be avoided. Life insurance will pay a lump sum to your estate should you die. This can be used to pay all those medical bills, pay off the mortgage, pay any other bills and of course to pay the funeral costs. It can be invested to provide an income so that the plans you had for your children can still come to fruition.
Life insurance need not cost a bomb; a low cost life insurance will still provide many benefits – and the younger you are when you get your policy the less you usually have to pay. But there are other ways you can lower those premiums too.
For instance, if you are overweight or smoke your life insurance premiums are likely to be quite high. But if you should decide to stop smoking and lose weight before applying, then you will certainly be able to get low cost life insurance. You will also be a lot healthier so that is an added benefit.
Term life insurance is cheaper than whole life insurance. Term life is really simple; you pay the premiums and if you die within the term specified your family gets the payout. However, be carefukll as some polices on last to age 65 and others will go to age 100.