Need to know the basics of Life Insurance? We've broken down the common questions for you, learn everything you need to know.
Life Insurance is a way for you to provide for your loved ones, should you die before them. It protects the people who depend on you to look after them.
A beginner’s guide to Life Insurance
If you die prematurely, Life Insurance provides a tax-free payout to your dependants. This money can be used to replace income from your salary, or cover expenses such as funeral and legal costs, childcare and housekeeping. This is why it could be a good idea for both you and your partner to have Life Insurance.
It may not be a purchase that your loved ones will benefit from right now, but they will feel the difference if something happened to you. By taking the time to understand the benefits of Life Insurance, you can plan to protect your family from life’s unexpected turns.
The right time for Life Insurance
Many people decide to get Life Insurance as soon as they have someone who is depending on them, or a debt that could not be repaid upon their death—such as a home loan. Insuranceline Life Insurance is there for you every step of the way, and its flexible Life Events feature means you could increase your insurance cover once every 12 months to line up with major life events, like buying a home or having a baby, ensuring that you and your family are protected whatever your circumstances.
Assessing your eligibility
Before you apply for Life Insurance, you must be eligible. In most cases this means you must be aged between 18-65 and an Australian resident.
Customising your Life Insurance policy
We are all different, with unique lifestyles, needs and responsibilities, which is why many insurers offer a range of product options. Choosing the right cover for you and your loved ones means that they can continue to have the same financial stability you shared together.
- Life Insurance pays lump sum to your estate or beneficiaries upon your death. Insuranceline offers a tax-free payout of between $100,000 and $1.5 million depending on your chosen level of cover.
- Cancer Cover can pay up to $250,000 if you’re diagnosed with certain types of cancer. This payment can be used for anything, including making up lost income, covering medical expenses, required assistance, or even a recuperative holiday.
- Major Illness Cover, also known as Trauma or Critical Illness Insurance, pays a lump sum if you suffer a major illness such as a heart attack, stroke, and some forms of cancer. You can use this money to support yourself and your family while you recover from your illness, thereby avoiding the pain of financial hardship during an already stressful time.
- Accidental Death Insurance delivers a tax-free payout to your beneficiaries of up to $400,000 if you’re in a fatal accident.
Generally, you will also be able to add optional extras to your policy—such as Insuranceline’s optional cover against serious illnesses. These extras give you more control over your policy and more options when it comes to your cover.
Find out more about Major Illness and Cancer Cover available to you.
Applying for Life Insurance
To find out more about the cover Insuranceline offers, and for advice on which type and level of cover would best suit your circumstances, call one of our Insurance Specialists today on 13 77 87, or read through the Product Disclosure Statement for all the information you need.
With any Life Insurance policy, terms and conditions apply.