Insurance

Why Do I Need Life Insurance?

Most of us do not hesitate to insure our car, house and other valuable possessions. However, we often neglect to insure ourselves and our partners.

Every year, thousands of families are left emotionally devastated by the loss of a husband or wife. Unfortunately, all too often they are devastated financially as well.

How would your own family cope without an income? How would they pay the mortgage or rent, the car payments, the household bills, the kids’ education and so on? They could sell the house, but that’s not what you’d want. Social security would provide some money, but probably not what they really need.

It’s a fact of life that money is an essential ingredient to your current standard of living and the hopes and dreams you have for your family. Without it, carefully planned futures can be destroyed forever. Whether you leave behind terrible debt or future prosperity can make the world of difference to them. It’s comforting to know they’ll be taken good care of.

At certain stages in life, insuring yourself and your partner is particularly important. For example, if you have a young family, a mortgage or business debts, it is comforting to know that you can ensure your family’s current standard of living or that your business wellbeing will be maintained if something happens to you.

Insurance is a flexible and useful tool that can be adapted to suit your needs at each stage of your life. In determining the amount of insurance required, you should consider your financial goals, your family commitments and responsibilities, and your business responsibilities.

Life insurance is a policy that will pay a specified sum of money to the estate of the insured or nominated beneficiary upon the death of the life insured. In exchange, the insured person agrees to make regular payments of life insurance premiums (on a monthly or yearly basis) to the life insurance company. The life insurance policy is subject to strict limitations, exclusions, terms and conditions you should seek advice from a licenced insurance adviser prior to signing any life insurance policy document.

How much life insurance cover do I need?

The purpose of life insurance is to provide your dependents with a sum of money sufficient to pay out your debts and/or to provide an income sufficient to support your family for a period of time – usually until your children are 18 years old. As everyone’s situation is different, the level of life insurance cover required will vary.

A Life Insurance Plan takes just minutes to apply for, it’s affordable, flexible and easy.

  • Most Australian residents aged between 18 and 75 are welcome to apply.
  • It’s a hassle-free application. Most of the time medical tests aren’t even required and it takes just a few minutes.
  • You’re in control – choose a level of cover that’s right for you and your family with a choice of payment plans you can pay monthly or annually.
  • Apply for cover within minutes (the only standard exclusion is suicide or intentional self injury in the first 13 months).

Please note:

  • For complete wordings for any product please read the Product Disclosure Statement, available by clicking the logo of insurance company on the right hand side.

Duty Of Disclosure

Before you enter into a contract of insurance with an insurer, you have a duty, under the Insurance Contracts Act 1984, to disclose to the insurer every matter that you know, or could reasonably be expected to know, is relevant to the insurer’s decision whether to accept the risk of the insurance and, if so, on what terms.

Non-Disclosure

If you fail to comply with your duty of disclosure and the insurer would not have entered into the contract on any terms if the failure had not occurred, the insurer may avoid the contract within 3 years of entering into it. If your non-disclosure is fraudulent, the insurer may avoid the contract at any time.

 

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IncomeSure Pty Ltd’s Managing Director is Bruce McVey. Bruce McVey, authorised representative of Axies Pty Ltd AFSL No 339384 . Disclaimer: The information contained in this website has been prepared without taking into account, your objectives, financial situation or particular needs and is general advice only. Axies Pty Ltd or any related companies will not be held responsible for your merits of this advice to your circumstances.
Copyright 2015 IncomeSure

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