Life Insurance

What is Life Insurance?

Life Insurance pays a lump sum payment in the event of your death. The money goes to the people you nominate as beneficiaries on the policy.

Life cover may also come with terminal illness cover. This pays a lump sum if you’re diagnosed with a terminal illness with a limited life expectancy.

How much life Insurance cover you might need?

To decide how much life cover you require, consider how much money you or your family would:

Need — to pay the mortgage, credit cards and any other debts, childcare, school fees and ongoing living expenses.

Receive — from super, savings, the sale of any investments, your paid leave balance, and support from your extended family.

The difference between these is the amount of cover you should consider.