Mar 01, 2010 - Eric Smyth
Research has shown that only 22% of Australians believe that they have adequate life insurance.
Life insurance can help provide a secure financial future for your family if you were to pass away. Life insurance pays a lump sum which can help your family manage expenses like the mortgage and every day bills, school fees and other unforeseen expenses like funeral costs.
How to choose your life insurance?
There are lots of different types of Insurance policies, and everyone's circumstances are different.
If you are married and have children or have a partner who depends on you financially you may find that life insurance cover on its own is sufficient for you.
However if your family have all grown up and no longer live at home, then you may decide that funeral insurance is all that you require to help shoulder the burden of loved ones left behind having to pay for your funeral.
On the other hand if you have no one who depends on you financially, you may decide that accident insurance is all that you require helping to maintain your finances in the event of your suffering a serious accident.
You may need to research all options available till you find the product that best suits your needs.
In general most people take out enough life insurance to replace five to seven years of their salary. If you have children then you may need to replace as much as 10 years of your salary.
Age and health restrictions may apply when taking out the policy. The premiums may increase over the years to keep up with inflation or other factors. ...
Life insurance can help provide a secure financial future for your family if you were to pass away. Life insurance pays a lump sum which can help your family manage expenses like the mortgage and every day bills, school fees and other unforeseen expenses like funeral costs.
How to choose your life insurance?There are lots of different types of Insurance policies, and everyone's circumstances are different.
If you are married and have children or have a partner who depends on you financially you may find that life insurance cover on its own is sufficient for you.
However if your family have all grown up and no longer live at home, then you may decide that funeral insurance is all that you require to help shoulder the burden of loved ones left behind having to pay for your funeral.
On the other hand if you have no one who depends on you financially, you may decide that accident insurance is all that you require helping to maintain your finances in the event of your suffering a serious accident.
You may need to research all options available till you find the product that best suits your needs.
In general most people take out enough life insurance to replace five to seven years of their salary. If you have children then you may need to replace as much as 10 years of your salary.
Age and health restrictions may apply when taking out the policy. The premiums may increase over the years to keep up with inflation or other factors. ...
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