Protecting loved ones is a natural instinct, but how can you protect them if you're
not around? Life insurance cover helps your family maintain their financial position
in the event of your death by providing your beneficiaries with an agreed lump sum.
Term life insurance pays your chosen sum insured on your death or in some cases
terminal illness. The sum insured is the amount of cover selected by you. The policy
covers you worldwide, 24 hours a day.
If you choose this cover they will pay your selected TPD sum insured if:
you are unlikely to ever return to work because of injury or sickness, or
you suffer loss of limbs or sight, or
you become permanently unable to perform activities of daily living, or
you are suffering from significant cognitive impairment.
For an additional cost, you can purchase a Waiver of Premium Benefit so that no
premiums will be payable whilst you are disabled.
You can take out this policy on your own life, in which case you are the insured
person as well as the policy owner. You can also take out this policy to insure someone
else's life, say a family member or business partner. In this case that person is the
insured person and you remain the policy owner and maintain the rights of ownership
and control of the policy.
In the event of a claim, the insurer pays the policy owner, or their estate. If you are
both the policy owner and the insured person you can nominate who will receive benefits
payable on your death.
Insurance Companies generally will not cancel this policy because of a change in your
health or occupation, or in the event that you move, travel or become unemployed.
You may be able to arrange Term Life Insurance through a superannuation fund to improve
your taxation situation.
