Things you need to know about life insurance

 
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What is life insurance? How and when can it help your family? What extra cover options are available? Read on to find out.

Life insurance provides for a lump sum payment to your family if you pass away or are diagnosed with a terminal illness. Life insurance makes it possible for you to look after your family financially in tragic circumstances.

The lump sum payment– which is up to $1.5 million depending on the policy and your age for policies Choosi can arrange direct - can be used to maintain the lifestyle your family is used to. Your family can use it to pay off the mortgage, other debts or help with the day-to-day costs of life.

It doesn't matter whether you are young, middle-aged or heading to retirement, or if you have kids or not: life insurance can have a role to play in your particular circumstances.


The right cover

Choosing life insurance is about determining the level of cover you need and selecting an affordable policy that is right for you.

Your financial commitments can help determine the amount of cover your family needs. Factor in debts like the mortgage, car loans, personal loans and credit card balances, as well as ongoing expenses like property maintenance, council rates, and utilities. It all adds up. 

Some policies also allow you to take out a joint policy, insuring both yourself and partner. If your partner is the main provider of domestic duties at home they can still be covered as a homemaker for some policies, although a maximum benefit limit may apply.


Extra cover

There's no "one size fits all" with insurance which is why insurers provide a range of extra covers that can be included with your life insurance policy.

These extra covers can include:

  1. Accidental Death Insurance - a lump sum paid in the event of death caused by an accident. Paid in addition to a life insurance benefit
  2. Total and Permanent Disability Insurance - a benefit paid when an insured person suffers a total and permanent disability 
  3. Serious Illness Insurance - a lump sum benefit paid in the event of a covered serious illness. Examples of serious illnesses that may be covered include Heart Attack, Malignant Cancer, Stroke and Coronary Artery Bypass Surgery
  4. Children's Insurance - a lump sum benefit paid when an insured child suffers an event such as Accidental Death or an insured serious injury or illness 

Compare, choose and apply

Life insurance can provide the financial support your family needs if you were no longer there to provide for them. Additional cover can protect against specific events including total and permanent disability and serious illness.

If you think you should get life insurance, now is the time to find out more. Choosi can help you to compare so that you can choose and apply for life insurance. It's simple: talk to Choosi’s team of Chooser’s on 1300 363 526 or request a quote online 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.


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