This Life Insurance page gives outline of types of Life Insurance that can cover many of your life insurance needs, both personally and for your business.
YES I NEED IT NOW !
Our Professional Life Insurance advisers will contact you within 24 hours to ensure the recommended product(s) best suits your needs
HOW MUCH LIFE INSURANCE DO I NEED ?
A Simple Calculator for Life Insurance
The amount of Life insurance needed can be estimated roughly by adding your outstanding debts and then factoring in an amount for lost income to the family.
Lets assume your income is $50,000, Your Mortgage is $250,000 – for a typical family the credit card debt may be $2500..adding up the debts gives us a total of $252,500.
To provide for your family, the lost income for a lifetime, we invest the proceeds into a secure term deposit at say 7% (estimate only).
Then an amount to provide lifetime income to your family is simply $50,000 (your annual income) divided by 7% = $714,285
By adding the debts ($252,500) a sum insured is arrived at $966,785 – at this point we remove amounts that may be released by unused assets sales and super entitlements to arrive at a final insurable amount.
Obviously factors such as higher or lower returns and inflation need to be taken into account.
This is where you need the advise of our planners.
Life Insurance Policy Cover
Term Life insurance cover is usually provided under a regular premium Life insurance policy which provides a lump sum benefit upon your death. For an additional premium you may be able to obtain Terminal Illness Insurance Cover which provides a lump sum benefit if you are diagnosed as being Terminally Ill. Typically the regular premium for Term Life Insurance cover will increase as you get older, as the risk of you dying or contracting a terminal illness increases. However, some Life Insurance policies provide a “level” premium which remains fixed until you reach a specified age, say 65, after which the Life Insurance premiums rise increase annually.
Term Life Insurance policies are not savings plans. The terms and conditions applied to Term Life Insurance policies will vary between Life insurance companies so you should ensure that any Life Insurance policy offered to you is appropriate to your needs.
Trauma Insurance Cover
Trauma Insurance Cover pays your chosen sum insured on the occurrence of one of a specified set of medical conditions or procedures.
Typically a Trauma Insurance Cover policy will cover you 24 hours a day worldwide. You can take out a Trauma Insurance policy on your own life, or insure the life of another person such as a family member or business partner.
Different Trauma Insurance companies cover different events, medical conditions and procedures.
Examples of these Trauma Insurance events are:
- Aplastic Anaemia
- Chronic Kidney Failure
- Chronic Lung Failure
- Coronary Artery Bypass Surgery
- Encephalitis & Meningitis
- Heart Valve Surgery
- Loss of Independent Existence
- Loss of Speech
- Major Organ Transplant
- Motor Neurone Disease
- Primary Pulmonary Hypertension
- Aortic Surgery
- Benign Brain Tumor
- Chronic Liver Failure
- Heart Attack
- Loss of Hearing
- Loss of Limbs &/or Sight
- Major Head Trauma
- Medically Acquired HIV
- Multiple Sclerosis
- Occupationally Acquired HIV
- Severe Burns
Note that some events, conditions and procedures may be excluded for a specified period after the commencement of cover. Trauma Insurance Cover policies are not savings plans. The terms and conditions applied to Trauma Insurance policies will vary between Trauma Insurance companies so you should ensure that any Trauma Insurance policy offered to you is appropriate to your needs.
Key Person Insurance
Key Person Insurance policies can provide capital or revenue to help cover the costs of replacing a specific person in a specific role in the event of that person’s death, disability or illness.
The terms and conditions applied to Key Person Insurance policies will vary between Key Person Insurance companies so you should ensure that any Key Person Insurance policy offered to you is appropriate to the Key Person Insurance needs of your business.
Group Risk Insurance Protection
Employers have the ability to provide benefits to attract and retain valuable staff through the use of Group Risk Insurance,Group Life, Group Salary Continuance, Group Crisis Care and Group Income Protection Insurance. Employers can add value by incorporating Group Risk Insurance cover as part of a comprehensive employee package. These forms of Group Risk Insurance can effectively cover all areas relating to death, disability and long term sick leave shortfalls.
Group Life Insurance Cover
This form of Group Life Insurance generally covers Death and/or Total and Permanent Disability (TPD). There is a limitation on the minimum number of Group Life Insurance lives per policy that varies between Group Life Insurance insurers. Takeover terms apply in most cases where a Group Life Insurance policy can be moved between Group Life Insurance insurers on terms no less favourable than the previous Group Life Insurance insurer offered. Some Group Life Insurance insurers offer additional benefits such as additional Group Life Insurance cover, spouse cover and more favourable definitions relating to TPD.
Group Income Protection Insurance
This form of Group Income Protection insurance offers a monthly income disability benefits of up to 75% of salary. There are a number of options relating to waiting periods. They can range from 30, 60, 90, 180, 360 and 720 days. Benefit payment periods range from 2 years, 5 years or even up to age 65. These vary between Group Income Protection insurance providers. Takeover terms are also offered in relation to existing policies with other Group Income Protection insurers. Many additional benefits are provided and vary between Group Income Protection insurers.
Group Trauma Insurance Cover
This form of Group Trauma Insurance pays a lump sum upon admittance of a claim for certain prescribed medical conditions. Some of the conditions that are covered are as follows heart attack, paralysis, severe burns, blindness to name but a few. These conditions vary between insurance providers under their Group Trauma Insurance policies. Again certain additional benefits such as optional death cover can be attached to certain Group Trauma Insurance policies.
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General Advice Warning
Information on this website is of a general nature only and does not take into account individual circumstances. Before acting on this information you should consider whether it is suitable to you having regard to your own circumstances and financial goals and objectives. We would be happy to assist you in this task. You should also obtain a copy of the applicable Product Disclosure Statement and carefully consider its contents before purchasing a financial product.