Life insurance provides your estate with a lump sum payment in the event of death. This means that any outstanding debts can be paid off, such as your mortgage or credit cards and there's usually leftover funds to assist with ongoing living costs.
Generally, the cost of Life insurance increases as you get older, but the more established your financial position is the less insurance you are likely to need. Because of this, it's possible to reduce your insurance over time to minimise cost, while maintaining protection for yourself and your loved ones.
When considering Life insurance, it is important you choose the right level of cover for your family’s needs. Think about your financial commitments and how long they will last, taking into account the following factors:
Life insurance as a stand-alone product is often surprisingly affordable and provides you and your family with peace of mind. It is common for people to easily afford life insurance equal to 10 times their salary.
Life insurance is a simple insurance policy and is similar across most insurers. There is little, if any difference between most life insurance policies. All life insurance policies that we quote offer Terminal Illness Benefit and a Funeral Benefit as standard.
Most life insurance policies provide the option of including Total & Permanent Disability (TPD) and Trauma insurance. These can usually be either linked to your life insurance policy, or managed as a stand-alone policy. For more information see our TPD and Trauma insurance pages.
WealthMaker, through its relationship with Lifebroker insurance is able to provide you with a range of Life insurance options. And, by working with the top insurance companies in Australia you're guaranteed a competitive quote.
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