Finance Made Easy
 

Life Insurance

Most Australians understand the importance of taking out insurance and the first type of insurance that springs to mind is Life Insurance. Put simply, a Life Insurance policy pays a specified amount of money to the insured’s beneficiaries or estate as long as the insured passes away while their policy is still current. In exchange for the Life Insurance Policy, you must pay monthly or yearly premiums to the insurance company, such as Tower, AXA, Asteron etc.

Most standard Life Insurance Policies expire at the age of 99; however each life insurance company may have slightly different definitions.

How much life insurance should I take?

Determining how much life insurance you need is important as this is the amount that will enable your beneficiaries to live a lifestyle comparable to now after you pass away. It's the amount paid upon your death, and is decided when the policy is taken out. An easy calculation is to base the policy on 10 times your annual salary or depending on your financial situation at least the total amount of your liabilities. Talk to us and we’ll be more than happy assess your current financial situation in order to determine the appropriate amount of Life cover for you, taking into consideration:

  • Debts – mortgage, credit cards, loans.
  • Expenses – daily living expenses and future expenses like education for your children.
  • Ongoing income needs of your family.

The question you need to ask yourself is: ‘If you failed to take out a Life Insurance Policy or failed to take out a Life Insurance Policy for the appropriate amount, would your family be able to financially cope if you weren’t there?

So why not call one of our experienced Financial Advisors on 1800 111 455 to get an obligation free assessment and put you and your families mind at ease.

 
 

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Tony Bice is an Authorised Representative of Pivotal Financial Advisers Limited (Authorised Representative No. 295215). 
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The contents of this document are intended for information purposes only and may contain personal opinions of the author. It is not intended to be a substitute for specific financial or legal advice. Before making any decisions you should consider your personal situation, objectives and needs. While all reasonable care has been taken in the preparation of this information, we take no responsibility for any actions taken based on the information contained in the newsletter or for any errors or omissions.