If you were to die or become terminally ill when people are still dependant on you, life insurance pays a one off, lump sum amount that your beneficiaries can use to continue living a life you had planned together. At Pride Advice we want to make sure your loved ones are secure.
What is life insurance for?
They might use the funds to:
Continue living in the family home.
Provide for their children’s ongoing education.
Cover living expenses.
When should I get life insurance?
There are advantaged to applying for life insurance when you are young and healthy, such as the long term savings on premiums you’ll make and the ability to lock in cover with limited medical requirements. If you currently don’t have a mortgage, partner or kids, it doesn’t mean you shouldn’t consider life insurance now, as you may require it in the future.
Isn’t life insurance included in my super?
It could be, but you need to check and be sure that it matches your individual needs. Life insurance included by default with super can be very limited. It’s also important to note the changes made under the ‘protecting your super’ legislation. Specifically, if you have insurance as part of your super and haven’t made contributions to your account for 16 months, the insurance will be cancelled.