Health facts
The probability of dying before the age of 70 is 26% for men and 17% for women, based on 2012 factors.1 Just under one in 10 between the age of 30 and 70 will die from the 4 major non-communicable diseases being cancer, cardiovascular disease, chronic respiratory disease or diabetes.1
With Life insurance, your beneficiaries could receive a lump sum of up to $1.5 million depending on your age and policy in the event of your death or terminal illness. This could be used for paying off the mortgage and other debts, with any remainder going towards helping your partner manage in the years leading up to and during retirement. It might make the difference to your older children too, who might otherwise have to pick up the pieces and assist their widowed parent financially.
Types of insurance
The products Choosi arranges direct have the following features.
| Type |
Description |
Benefit |
Life Insurance
|
Cover for death or diagnosis of a Terminal Illness.
|
- Lump sum of up to $500,000, generally tax-free (cover up to $1.5 million available for ages 18–45). +
- Tailored cover.
|
Children’s Insurance
|
Covers your child for Accidental Death, or a specific injury or serious illness.
Usually available as optional cover with Life Insurance policies.
|
- Lump sum payment.
- Cover additional costs such as medical expenses and school tuition.
|
Total and Permanent Disability Insurance
|
Cover for when you become totally and permanently disabled.
Usually available as optional cover with Life Insurance policies.
|
- Lump sum payment to help you and your family manage the costs of treatment and rehabilitation. Benefit paid in full.
|
Serious Illness Insurance
|
Cover for a range of serious illnesses that may include Malignant Cancers, Stroke, Heart Attack or Coronary Artery Bypass Surgery.
Often available in as optional cover with Life Insurance.
|
- Assists with paying extra expenses during a life-threatening illness.
|
Accidental Death Insurance
|
Additional cover in event of Accidental Death.
Often available as an optional cover with Life Insurance.
|
- Death: Provides an additional lump sum payment to your life insurance benefit to financially support your family if you pass away as a result of an accident.
|
How much will it cost?
The premium for your life insurance policy will be based on, among other things, your age, gender, whether you smoke and your level of cover.
As an empty nester, life insurance can offer you:
-
Financial security
Rest easy knowing that your partner and loved ones have a backup plan. Life insurance can help ensure that your partner’s financial future is secure.
-
Peace of mind
Have peace of mind knowing that your partner will receive a lump sum payment up to $1.5 million (depending on your age and policy) when they need it the most.
-
Quality of life secured
Whether it is overseas cruises, dinner at the local club, trips down the coast or spending relaxing nights at home in front of the television, life insurance can secure the lifestyle you were planning on for your partner in the event of your death.
Taking a moment to look at everything you have achieved and what is yet to come, these final earning years might be the most vital to you and your partner's retirement plan. If the worst happens before you retire, your partner's potentially long future without you could be far less comfortable than what you would want. If you do not have sufficient life insurance cover or are not covered at all, Choosi can help.
For assistance, contact Choosi's team of Choosers on 1300 363 526 or request a quote today.
This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product. Choosi offers insurance products from a range of brands but does not compare all products available in the market.
References
1. WHO 2015, Australia: WHO Statistical profile, p.3, http://www.who.int/gho/countries/aus.pdf