At a time when many people have been focused on their family’s health and livelihood, having adequate life insurance has never been more important. Yet the gap between what we need and what we have, has been growing.
Life insurance is all about ensuring your family can maintain their lifestyle if you were to die or become seriously ill. Even people who do have some level of protection, might discover a significant shortfall if they had to depend on their current life insurance policies.
The most common types of default life insurance cover in super are:
• Life cover (also called death cover) which pays a lump sum or income stream to your dependents if you die or have a terminal illness.
• Total and permanent disability (TPD) cover which pays you a benefit if you are disabled and unlikely to work again.
There is the belief that life insurance is expensive which is certainly not the case should you ever need to make a claim.
It’s important to consider your stage of life. Clearly the impact of lost income through death or incapacity is much greater when your mortgage is still high, your children are younger, and you haven’t had time to build up savings.
While having some life insurance may be better than nothing, having sufficient cover is the only way to fully protect your family. So why not call us to find out if your current life and TPD cover is enough for you and your family to continue to enjoy your standard of living come what may?
Content sourced from Advant Group