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Life insurance policies

Life Insurance and Disability Insurance come in different forms and combinations. Some Life Insurance products offer more comprehensive cover than others. Some are designed to payout only if you die as a result of an accident, some are designed to pay for your funeral while others are intended to help you through critical illness or to recover from an accident.

Who needs life insurance

You don't necessarily need it - but just think: if you die tomorrow, will anybody face financial problems as a result? If they depend on you today, how will they cope tomorrow?

If you find the thought alarming, then you need to think seriously about life insurance. It means a tax-free lump sum to help those you care about deal with the practical problems associated with your death, such as the funeral and unpaid bills. It can also help with ongoing financial pressures, such as the mortgage and general living expenses.

Consider your situation

You're married or in a de facto relationship

Many families now rely on two incomes - could your spouse/partner maintain the lifestyle you'd want for them without your income? If you have children will there be enough to pay for the daily living costs? Life insurance can ensure there will be enough.

You have a mortgage

A mortgage is a large responsibility which does not simply go away when you die. Could your spouse/partner or children pay your mortgage if you weren't here anymore? An insurance payout could ensure your family can keep their home.

You're a single parent

It's even more important you make adequate provisions for your child or children should the unthinkable happen while they're still dependent on you. An insurance payout could give them the start they deserve.

You're a stay-at-home parent

Just because you don't have an income, your family could still suffer financially if you were to die. Your spouse/partner might have to quit their job to look after your children or need to pay for childcare and a housekeeper. An insurance payout could provide the income they need to have these choices.

Your children are now adults and left home and you're debt-free or you're retired

Would your spouse or partner have enough money to maintain their lifestyle if you died? Would you like to leave an inheritance behind for your children or grandchildren?

An insurance payout could provide enough money for you to leave something behind for those you care about.

Your parent or parents depend on you financially

It could be that they're not able to work and /or aren't eligible for national superannuation yet. Insuring your life would mean you don't need to worry about who will take care of your parents should you die before they do.

You're single

In most cases single people don't need full life insurance because there's nobody financially dependent on them. Though there are a few exceptions - if you have a child or children that do not live with you but are still to some degree financially dependent on you, or if you have significant debt that you wouldn't want to pass on to family members if you died. Even if you have no dependants or debt, could your family cope with the cost of your funeral? You may just need something like Funeral Cover to protect them from the funeral bill.

Insurance for life

As your life changes, so do your life insurance needs. We understand this, so we'll contact you from time to time to make sure you're still happy with what you've got. Here are some of the likely milestones in your life that would make it worth reviewing your life insurance needs:

Having a child
Getting married or entering a permanent relationship
Buying a home or taking on debt
Starting a business
Divorce or separation
Your children growing up and leaving home
Paying off your mortgage
Retirement

Compare the benefits

Benefit	Term Life	Guaranteed Life	Accident Recovery	Accidental Death	Funeral Cover
Age eligibility (years)	16 - 59	50 - 79	16 - 70	16 - 74	16 - 79
Cover levels	$50,000-$450,000	Dependent on premium	Standard, Standard Plus, Superior or Superior Plus	$75,000-$500,000	$5,000-$15,000
Guaranteed acceptance
Immediate cover		For accidental death only			For accidental death only
Payout for death - accident
Payout for death - natural causes		After two years			After two years
Early payout - terminal illness		After two years
Payout - injury or disability
Cash for hospitalisation
Overseas cover
Fixed premiums
Fixed cover levels

We also offer:

Mortgage Protection Insurance which is full life insurance designed to help pay the mortgage in the event of death
Cancer Care Insurance which is designed to pay out a lump sum of money to tackle treatment and recovery upon a diagnosis of cancer