What is Life Insurance?
Life Insurance is put in place to pay a nominated amount to your selected beneficiaries on a in the event of your death. Life Insurance will also pay out if you are declared terminally ill. In this case it will paid the insured person direct.
How much is Life Insurance?
The cost of life insurance varies depending on your nominated amount and if you have any existing medical issues. Generally the younger you are the cheaper your life insurance premium is.
How do I pay for Life Insurance?
Paying for Life Insurance is easy and there are multiple options dependent on your circumstances. This can be paid in cash on a monthly or annually basis. You can also pay via superannuation.
How much Life Insurance do I need?
As a rule of thumb there is no set amount. Generally however most people with Life Insurance will have a benefit amount sufficient to pay off any existing debts, provide financial aid for a spouse or immediate family. Some people even ensure their children have sufficient funds to pay for the cost of education or housing. It is best to consult an expert to fully explore your options.
When should I get Life Insurance?
If it’s based on value, generally the cost of Life Insurance is cheaper the earlier you purchase it. There are different premium types such as stepped and level which should be taken into account when making a long term decision.
Can I get Life Insurance?
Generally most people are eligible for Life Insurance however this is at the discretion of the insurer. It is ideal to speak to a consultant or insurance professional at WE Insurance to find out.