A Life Insurance Policy That Meets Your Changing Needs

It’s a good idea to sit down with a financial or life insurance advisor to work out the amount your life insurance policy should cover to include all necessary, and some luxury, expenses. The amount you decide on will depend on how many individuals will be affected should you pass away or are incapacitated, on your financial commitments and on how much you can afford to pay.

Points to consider may include how many children you have, if you want them to enjoy a private education or if they have special needs or abilities that will require expensive outlay. Do you have a mortgage and how much? Do you have other personal debt such as car payments and credit card debt? What are your estimated living expenses and, of course, cover for funeral expenses.

How Much Cover Can You Take Out?

You can choose to take out up to a maximum of $1.5 million for life cover, up to $1.25 million for permanent inability to work, and up to $500,000 for critical illness.

Policies can be adjusted to suit your changing circumstances. You may be single and get married, purchase a home loan, have your first child or your third. As your sole or combined income increases you may wish to take out more life cover. Or you may have entered the ‘empty nest’ or retirement stage of your life.

Don’t only consider the highest income earner’s life. Particularly when there are children, both partners contribute significantly to the security of your family.

Your life policy can extend beyond your essential whole life insurance policy, also including critical illness such as cancer or heart problems, and illness or injury that permanently prevents you from working again.

Payments To and From

While your end of life policy will pay the agreed lump sum into your estate, in which case you should always maintain an up-to-date will, these final two options are paid out to you personally to help meet mortgage payments and other bills, purchase food and clothing, pay for medical expenses and assistance as needed and in general, to maintain a comfortable standard of living, depending on the level of cover you took out.

With our affordable life insurance policy you can choose to make payments annually, or balance your budget with low monthly payments.

Our life insurance is a permanent life insurance policy, lasting while you are making regular payments – a life insurance policy that plays an important part in your family’s financial security.