Life cover: Easing the impact
Discussing 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…