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What is life insurance?
Life insurance (sometimes called ‘term life’) is a product that pays out a sum of money to your family/beneficiaries in the event of your death, or if you’re diagnosed with a terminal illness. These funds can be used to help your family pay off debts (e.g. home loans), send your kids to school, or act as a nest egg for your partner’s retirement.
So, how much life insurance do you need? Research firm Rice Warner suggests roughly 10 times what you would typically earn in a year. Life insurance premiums are different for every person, as they are calculated based on your health, how you decide to structure your premiums, and much more. Life insurance explained.
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Total and permanent disability policies pay a cash benefit to you or your family if an incident leaves you unable to work. Such a policy may cover you if you cannot work in your own occupation or in any – depending on the type of TPD cover you take out.
Income protection pays regular (e.g. monthly) cash amounts of up to 75% of your income (salary + superannuation contribution) while you make a recovery from serious illness or injury. It’s invaluable cover for anyone who relies on a regular income.
Trauma insurance (also known as critical illness or recovery insurance) is a product for those who want financial security if they fall ill. If you’re diagnosed with a serious medical condition (e.g. cancer, heart disease), you’ll receive a cash sum.
A life insurance policy pays out a benefit to your family if the worst were to happen. Most Australians take out term life policies when they first have kids, and it’s important that they seek the right amount of cover.
As long as they don’t have a serious medical condition, there’s no reason why older Australians shouldn’t consider term life cover for themselves. In fact, many Aussies reported feeling relaxed knowing they were covered.