could be the most selfless investment you will ever make.
Most Australians insure their homes and their cars but what about ourselves?
Many say that you never personally benefit from life insurance, though we disagree. When you have life insurance every day you have comfort in the knowledge that when you do pass away your family will be looked after - which is good for your peace of mind.
When you pass away, life insurance provides a lump sum payout to your beneficiaries.
You can add other types of insurance to your life insurance - like total and permanent disability insurance that pays out a benefit early if you are totally and permanently disabled or serious illness insurance that pays when you have one of the specified serious illnesses. You can even have cover for your children. These insurances will be covered further in future articles.
The advantages of bundling these insurances together with your life insurance include - having only one premium to pay - and insuring them all with the same insurer you will generally receive a discount or other advantages - just like you may receive benefits for insuring your house and car with the same insurer.
How can Life Insurance Cover protect my family's lifestyle?
Would your family be able to financially support itself if you were no longer around to provide for them? The average Australian family has many regular expenses to pay like rent, the mortgage, school fees, credit card bills, groceries etc.
If the worst should happen and you are no longer around to financially support your family, life insurance can protect your family financial security and lifestyle. Also many families only insure the life of the main income earner, but it is worth considering the financial impacts of losing either parent. When someone passes away there is a lot of regret and emotion. There are also a lot of unpaid bills. By insuring both parents, your family can be financially secure when the unexpected occurs.
Choosi helps you to compare, choose and apply for life insurance, get a range of quotes today.
These articles are provided as reference material to allow more informed decision making, but are not intended as being a complete source of information on any topic. All readers should make their own independent analysis on the topic to make sure they have considered the aspects that are important to them.