Life cover: Easing the impact

312605_10150454362730923_739835236_nDiscussing death is difficult but worthwhile

Life cover, life insurance or death cover, results in a specified quantity of money from the deceased person. The money will flow to the nominees on your policy.

When choosing life cover options, consider:

  • Presence of debts
  • Future childcare and education expenses
  • Income required by your family
  • That life cover is ‘guaranteed renewable’- it will only stop in the event payment is halted.
  • It will still stand, regardless of illness or injury, which would otherwise stop you from taking out life cover.
  • The difference between the type of life cover and ‘accidental death’ cover, which is not guaranteed renewable and only insures you if you die in certain ways.
  • What other types of life insurance you need, such as income protection and disability cover.

Selecting life cover:

  • You can acquire life cover from your super fund or from an insurance company. Alternatively, life cover options are available through Naritas, or an insurance broker, financial planner or a bank.
  • The majority of super funds deliver life cover at cheaper rates compared to buying it through an read more…