Life insurance… Do you need it?

Let’s start with a quick quiz:

  • Are you married?
  • Do you have dependent children?
  • Do you have other dependent relatives?
  • Do you have major financial obligations?
  • Do you own a business?

If you answered yes to any of the questions above, you probably need life insurance.

Now that you know this is important for you, here are some starting points.

Insurance protects you and your loved ones financially should something go wrong.

If you have financial commitments such as a mortgage, personal loans or credit card debt or a family who depend on your income, you need to think about what would happen if you suddenly could not work – or were no longer around.

It is there to make sure you have enough money to feed your family and pay your bills if you become ill, suffer a serious injury or became permanently disabled.  It’s like the life jacket in a boat – you hope you never have to use it but it’s comforting to know it is there.

There are five basic life insurances that are available to make your life financially secure no matter what happens to you. These are:

  1. Term Life Insurance
  2. Total and Permanent Disablement (TPD)
  3. Trauma Insurance
  4. Income Protection
  5. Business Expenses

Each of these products provides for different circumstances – and the products offered by differing providers vary in terms and the extent of cover. It is important to choose the policy that is right for you.
Products vary between companies, and consumers should always read their Product Disclosure Statement (PDS) before they purchase cover. You should always purchase an appropriate level of cover for your situation.

We understand that it can be difficult determining what type of cover and amounts you might need, let alone choosing an insurer. Our Adviser can assist by helping you determine your needs and organise insurance cover that is right for you.

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