Family Life Insurance

Helping to protect your family's financial future

Family life insurance can help ensure the financial comfort and security of your family in the event of your death or diagnosis of terminal illness. It is generally paid in the form of a lump sum, which will be an agreed amount between you and your insurer, to the beneficiaries you select.

Why should I consider family life insurance?

If you are wondering whether you should take out family insurance, consider how your family would survive if you were to pass away tomorrow or fall terminally ill. Would they have enough to cover daily living costs such as food, clothing, rent or mortgage and education?

Whether you are the main source of income or not, life insurance is designed to replace the financial value you add to your family, so they are not devastated by a financial struggle during their period of grief.

In particular, parents must consider what would happen to their children if the unthinkable should occur. Statistics show that over 4,400 parents with dependents die every year in Australia*. While you may already have some form of life insurance as part of your superannuation, it is worth doing some calculations to see if it gives you enough cover to provide for your children if you were no longer around to care for them. 

That's why you should consider family insurance that is specifically tailored to cover the needs of your family.

What does family life insurance cover?

You can tailor a life insurance policy to suit your family, with a benefit to be paid to your chosen beneficiaries.
If you should die or be diagnosed with a terminal illness, the benefits of your family life insurance policy will help ensure that your family can continue the lifestyle you've worked so hard to provide, even after you've gone. By choosing a level of cover that suits your family's needs, your life insurance benefit can be put towards specific financial goals, like your children's education fees and paying off the mortgage.

While family insurance can be crucial for breadwinners, it's also a good consideration to include stay-at-home parents, whose role as caregiver, chauffeur and cook will need to be covered if they should die. A joint family life insurance policy which includes homemakers can be tailored to suit the needs of your family and care for your children, which will then cover costs like childcare and home cleaning.

There are a number of policies available directly through Choosi, where no medical or blood tests are required and Australian residents aged between 18 to 64 can apply.

Compare family life insurance with Choosi today and apply for peace of mind for you and your loved ones.

* Australian Bureau of Statistics Causes of Death, Australia, 2009 (Cat. No. 3303.0, 20011)
** Source: ninemsn Money, By Sarah Mills, "How Much is Your Life Worth",  30 Oct 2007

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.