Life Insurance In Australia And Information That Should Be Known
Life insurance is one of those insurance policies where you sometimes dont get to receive the benefits of any payout - your family does
. If you insure your car, boat or furniture and suffer a loss, you the person paying the premiums get to receive the insurance payout and get back in your car or boat or sit on your new settee. But with many life insurance policies you cant get back on your feet with the payout because youve turned up your toes.Some life insurance policies have a section in which a terminal or critical illness is a trigger to a payout and while youre still alive to accept the payout, your health is usually in serious trouble. But thats the point of life insurance; well two points actually.
Your family gets financial assistance after youre no longer able to care for them and
You have peace of mind knowing there is a fall back position of help should you die
This latter point is often forgotten or not given emphasis. Without life insurance, you could hear of someone you know being killed or contracting a terminal illness and wonder what would happen to your loved ones if you were placed in that position. This causes worry. Naturally you want the best for your family. With life insurance behind you, there is no stress or worry.
Life Insurance Down Under
Roughly speaking, Australians have insurance for possessions, health and life. Our possessions come under general insurance; health cover is for hospital visits and such things as dental, physio and eye care; but life cover in Australia comes in two broad sections
Term life insurance and
Disability insurance
Term life is self-explanatory, for the term of your life. You insure your life with a payout to your family upon your death. This obviously allows your family to clear any debts you may have including funeral expenses. The payout amount depends on such things as the length of the policy and the amount of premiums you have paid.
Disability insurance is again as the term defines. You insure against the possibility that an illness or accident will prevent you from working and thus earning your living. Again the amount of money you receive will depend on various factors including the degree of disability you suffer and the amount of premium you have paid into the policy.
Australia is no different from the rest of the western world when it comes to life insurance policies. In Australia there are many companies offering policies giving customers a wide range of options. But you should always read the policy first and have a list of questions. For example there will always be exclusions involving such things as suicide, war and fraud. And contrary to what some say, the best time to consider a life insurance policy is when you are young and healthy.
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