Life Cover

Provides a lump sum to your family if you die prematurely or get diagnosed with a terminal illness.

If the unforeseen happens and a serious ailment or even death reduces your household income, will the life insurance you currently have be your best protection? Did your bank organise your life insurance? If so, there’s a good chance your coverage that it is enough to protect its interests, but will it also protect the welfare of your family?

You may already understand that life insurance is a sensible precaution for someone with your responsibilities – it is a tangible demonstration of your commitment to loved ones that could be vital in ensuring their future welfare.

The death of a partner is a bad enough experience even without being left with money worries.

Even a modest sum of insurance allows the survivor to clear small debts such as loans, credit cards and funeral expenses, whilst higher amounts allow them to clear large debts such as mortgages, as well as funding living expenses, children’s education fees or subsidizing retirement in the longer term.

What are Stepped Premiums and Level Premiums?

	Stepped Premiums Increase annually as you get older, but usually start cheaper. To cover short or medium term needs.
	Level Premiums Don’t increase as you get older but usually start higher. To cover long term or permanent needs.

The plan details will vary from insurance company, please refer to the policy wording of the cover.

Why level premiums?

• Firstly, level premium can save thousands of dollars for long term protection.
• Baseline ‘Forever’ needs
  e.g. Funeral / legal costs & estate admin / family repatriation / legacies or bequests / protecting against asset loss/equitable distribution of estate / succession planning (business or farm).

Many clients are cancelling / lapsing their policies at or before the time they are most likely to claim…
Do you know what is the most likely reason?
• Stepped premiums now unaffordable.
• The need for cover has gone.