Most Australians will insure their car but neglect to insure their most valuable asset – themselves. In fact, many people do not even have sufficient life insurance to ensure their home loan is paid out in the event of their death, let alone provide a lump sum to their families to provide for their future
How can life insurance help?
Life insurance provides a lump sum payment in the event of death or terminal illness. You choose the level of cover at time of application that best meets your circumstances and budget. Having adequate cover in place can give you peace of mind, knowing that if the worst should happen, your family will be financially ok and able to maintain their standard of living. The funds could be used to:
⇒ repay the mortgage or other outstanding debts
⇒ invest and create an ongoing income stream to replace lost wages
⇒ meet education and/or childcare expenses
⇒ help with estate planning or business buyouts
When using an adviser, like Experien Insurance Services, you may hold Life Cover as a stand alone policy or link TPD and or Trauma Cover with Life Cover, which may be a more cost effective solution. Where you do choose linked cover, you are able to hold some of the cover in super and the other cover outside super. Two different owners but priced like one linked policy – this is what is often referred to as flexi linking.
If you choose to hold the Life Cover via Superannuation owned structure, known as an “insurance only superannuation product”, you may be able to fund your insurance premiums via a tax paid rollover from any complying super fund. You will also receive a 15% tax benefit for doing so, making the cost of your cover even more affordable.
Other features that you may be able to obtain include (depending on the insurer and its wordings) :
- Worldwide cover means you are fully covered, 24 hours per day anywhere in the world.
- Guaranteed upgrade of benefits means the insurer will automatically pass on any future enhancements to your policy provided they
do not result in an increase in your premium. - Guaranteed renewable means an insurer will guarantee to renew your Life Cover each year up until the policy expiry, so long as you
continue to pay your premiums when due. They cannot cancel your cover, or increase your individual premiums because of any change in your health, occupation or pastimes. - A range of built in benefits are often included as well as a selection of extra cost options which will allow you to tailor your Life Cover to your specific needs.
Contact Experien Insurance Services here for assistance with a review of existing cover or to take out new cover.
