Life Cover (Death Cover)
Life insurance provides a lump sum to your loved ones if you pass away or are diagnosed with a terminal illness. It's the foundation of financial protection for any family.
What Does Life Insurance Do?
Life insurance pays a lump sum to your nominated beneficiaries when you pass away, or if you're diagnosed with a terminal illness (typically defined as a life expectancy of less than 12 months). This payout can be used however your family needs.
Pay off the mortgage so your family keeps the home
Clear outstanding debts and loans
Replace lost income for years to come
Who Considers Life Insurance?
Personal insurance is one way some people consider managing the financial impact of unexpected events. Some questions that may be relevant include:
- Are there people who rely on your income?
- Do you have a mortgage or other significant debts?
- How would your family meet ongoing financial commitments without your income?
Some people without dependants also consider a smaller level of life insurance to help cover funeral or final expenses. The appropriate level of cover varies by individual circumstance.
How Much Life Insurance Do I Need?
The appropriate level of life insurance depends on individual circumstances. Some commonly considered factors include:
Outstanding Debts
Mortgage, car loans, credit cards and other personal debts
Income Replacement
A multiple of annual income, considered alongside how long financial support may be needed
Children's Education
Future schooling and tertiary costs, where applicable
Funeral & Estate Costs
Funeral expenses and estate administration costs
The right combination of these factors will vary based on individual circumstances. We can help you think through how they may apply to your situation.
Personalise Your Cover
Life insurance is not one-size-fits-all. Here's how you can personalise your policy:
Payout Amount
Lump-sum benefit amounts vary by insurer; the level chosen generally reflects individual circumstances.
Payment Method
Pay premiums through your super fund or outside super from your personal cash flow
Ready to Protect Your Family?
We'll help you figure out the right level of life cover for your situation - no jargon, no pressure.