Life insurance can help protect you and your loved ones financially if something unexpected happens.
What life insurance covers
Different life insurance products are designed to protect you from different events that can occur:
- life cover — pays a lump sum when you die
- total and permanent disability (TPD) insurance — pays a lump sum to help with rehabilitation and living costs
- trauma insurance — covers you if you’re diagnosed with a major illness
- income protection insurance — pays some of your income if you can’t work due to illness or injury
What to check before you buy life insurance
Before buying, renewing or switching insurance, check if the policy will cover you for claims associated with COVID-19.
Before you buy life insurance, by law an insurer must give you a Product disclosure statement (PDS). Check the PDS for:
- what’s covered and what’s excluded under the policy
- what information you’ll need to give an insurer
- information on premiums and how they change over time
- waiting periods before you make a claim
- how to make a claim
- how to complain about the claims process or decision
Also check whether you already have life insurance through your super. Make sure you’re not paying for insurance twice.
Please contact us on 1300 79 80 38 if you seek further assistance on this topic.
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At Assure Wealth we specialise in helping busy, successful families structure their finances to achieve greater wealth and financial peace of mind.
Author: Pat Casey – Managing Director & Financial Planner Sydney – Assure Wealth
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Disclaimer: The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Walker Lane Pty Ltd Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Walker Lane nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.
Assure Wealth Pty Ltd ABN 31 965 466 780 Corporate Authorised Representative no. 1244817, Patrick Casey Sub-Authorised Representative no. 1244748 of Walker Lane Pty Ltd ABN 70 626 199 826, an AFSL holder No 509305.
