Life Insurance

Life insurance can be critical for a secure financial future. In simple terms, you insure yourself for a particular amount, and in the unfortunate event that you die, the insurer pays that amount.

The lump sum payment can be used to help with the repayment of debts, the covering of future needs (for example, the cost of children’s education or long-term care), and providing funds for investment to generate an income, or to keep your business afloat.

Factors to be aware of:

• You should ensure your insurance cover is adequate for your needs. Under-insurance can present a serious problem.
• Changes in your personal circumstances (i.e. taking on additional debt, birth of a child) often necessitate higher insurance levels.
• Death benefits received via a superannuation policy may be taxed.