Protecting the financial future of your loved ones after you pass away, is an often neglected but very necessary component of smart future planning. Life insurance involves a lump sum pay out to a nominated beneficiary(ies), which is included in some superannuation plans but is often not enough to sustain your family’s lifestyle.
Life insurance is a bit like a safety net for you and your family, you hope you never have to use it but it is always there if you need it. Generally, you choose a lump sum payout figure which then calculates the cost of your premium.
Some key aspects that can affect your type of cover;
- Your age will affect the cost of your life insurance premium, it increases as you get older,
- On average, women live longer than men, which means that often the premium for women is less,
- Smoker’s may have increased health issues, which in turn affects the life insurance policy.