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What Is Life Insurance

If you want to buy a life insurance policy then chances are that you are wondering “what is life insurance and how can it help me?” Life insurance protects the policy holder’s family when the policy holder passes away due to a natural death or accident. By opting for this type of insurance plan, people can be rest assured that their loved ones will be taken care of in case they pass away.

In addition to providing coverage for the policy holder’s life, many insurance policies also provide coverage for critical illnesses. Some policies also offer an additional cover in case the policy holder is unable to work permanently due to disability. Buyers usually have the option to select one or all of the options above depending on their requirements.

Insurance companies that offer this type of insurance in Australia offer insurance policies that cover up to $1.5 million. Critical illnesses covers that are offered with life insurance policies cover up to $50,000 and permanent disability covers offered with this type of insurance cover up to $1.5 million. Most policies have a cooling off period that ranges from 30 days – 1 year and the buyer can usually choose the cooling off period.

Since there are many companies in Australia that offer life insurance, buyers can save up to 30% by comparing quotes before selecting a policy. These days, most insurance companies do not require the applicant to take blood tests and this makes the process of getting insurance easier. There are various factors that affect the cost of life insurance and some of the important factors include the age of the buyer, the gender of the buyer, the current occupation of the buyer, medical history and current medical conditions.

Depending on the options chosen, life insurance policies can cost between $20 – $40 a month, buyers who smoke, consume large amounts of alcohol or have serious pre existing conditions will be charged a higher premium compared to buyers who do not smoke, do not consume other substances and do not have any pre existing conditions such as diabetes, hypertension or heart problems.

Remember, while understanding “what is life insurance”, you should not only consider how much the policy will cost you but also which benefits you will get since by opting for a policy with many benefits you will be protecting your family for any situation in the future.

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