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Life Insurance


Life insurance is considered a must by most people especially those who are the bread winners of the family since life cover policies protects the buyer’s family when he passes away. Like all other types of insurance, life cover plans also have some limitations however the perks are much greater than the few limitations. To qualify for the life insurance payout, the policy holder should have died from natural causes or due to an accident. If a policy holder commits suicide then the family does not receive a payout.

Depending on the insurance company selected, buyers can insure themselves for up to $2 million. As of now in Australia the only type of life cover plan available is term insurance that offers cover for a set number of years. Since term plans are flexible, buyers can decide if they want to opt for short term plans or long term plans that have tenure for 15 years to life.

There are three types of premiums offered to people:

  1. stepped premiums
  2. levelled premiums and
  3. blended premiums.

Only a handful of insurance companies offer blended premiums since blended premiums offer benefits of both stepped and levelled premiums. Some of the benefits of life insurance plans are the buyer can select up to 5 beneficiaries who will receive an agreed amount and the policy holder can live without worrying since his family will be protected in case anything happens to him while the policy is active. In case the policy holder does not pay the premiums on time then he will not receive the benefits due to the policy becoming null and void.

Insurance companies that offer insurance without asking too many questions and without asking the buyer to complete medical tests often charge a higher premium, however this is not always a negative thing, since such type of insurance plans are ideal for people who smoke, have pre existing health conditions and cannot find insurance plans elsewhere to suit their requirements. Buyers should remember that while opting for insurance plans they should ask for quotes for many insurance companies, and compare quotes to ensure that they are getting the best policy with good benefits.

Life insurance is a must for people who do not have sufficient savings since these plans ensure that the policy holder’s family does not have to suffer and can pay mortgages on time. Some of the other types of insurance that are commonly offered with life cover plans include income protection insurance, trauma insurance and permanent or temporary disability insurance.

If you are a New Zealand resident or Citizen and currently living in Australia, but have family in New Zealand that you want to protect. Check out insurance policy by Pinnacle Life to get a life cover. Very easy and convenient to get a quote and buy complete policy online.

  Life Insurance Quotes

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