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Life Insurance FAQs


  1. What are the benefits of life insurance policies?
  2. What is term life insurance?
  3. How much will I have to pay as premium?
  4. How can I get cheap life cover plans?
  5. Why should I opt for life insurance?

What are the benefits of life insurance policies?
Life insurance protects the policy holder’s friends and family when the policy holder dies due to natural reasons or due to an accident. The policy holder’s family receives the insured amount in such scenarios provided the policy was active when the policy holder passed away. Failure to pay premiums can cause the policy to become null and void.

What is term life insurance?
Currently in Australia the only type of life cover policy offered is term insurance and this type of insurance insures the policy holder for a fixed amount of time. The term or tenure of the policy can be selected by the buyer and he can either opt for a long term or a short term policy. Most people who opt for a long term policy usually select 99 years as the cut off age for the benefit period.

How much will I have to pay as premium?
The cost of the life cover plan not only depends on the age and gender of the buyer but also if he smokes and if he has any pre existing medical conditions. In addition, the face value of the policy will also determine the amount of premium the buyer will have to pay. The buyer can select if he wants to pay premiums every month or once every year.

How can I get cheap life cover plans?
By opting for a longer cooling off period and by comparing quotes online or offline, people can save money while buying insurance plans. It is important to note that since the benefits of the insurance plan are not available to the policy holder during the cooling off period, he should carefully decide how many days he wants to wait. Although by selecting a policy of a lower value the buyer can save a few dollars every year, it is always recommended that buyers insure themselves for at least times their annual income’s worth.

Why should I opt for life insurance?
If you are the bread winner of the family or if you others are dependent on you then by opting for life insurance, you can ensure that their future’s remain secure when something happens to you. Life insurance policies give people peace of mind and help them carry on with their life without worrying about the future. Other types of insurance plans that are offered along with life cover policies include trauma insurance and income protection insurance.

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