A guide to life insurance products
Most people are aware that life insurance can provide all-important financial relief for your loved ones should the need arise. However, not everyone is aware of the spectrum of life insurance products on the market.
One of the most common insurance offerings, life insurance typically involves a lump sum paid out to your family or beneficiaries upon your death or on the diagnosis of a terminal illness. Life insurance offers a crucial safety net for your family by allowing them to pay off mortgage debts, fund educational costs and maintain a high quality of life. Taking the financial impact of a tragedy out of the equation can allow your loved ones to focus on emotional recovery. See ANZ Life Insurance (http://www.anz.com.au/
Trauma insurance is tailored to individuals suffering a critical illness. This product stipulates the payment of a lump sum on the occurrence of a list of illnesses including stroke, cancer or heart attack. Trauma insurance offers flexibility and choice by financially equipping you with the ability to devote time you would have spent working to your loved ones instead. It can also help fund your treatment and the rehabilitation process.
Income protection insurance
The ability to earn an income is one of your most important assets. However, illness and injury can compromise your earning capacity and create serious financial pressure. Income protection insurance can cover up to 75 per cent of your current income if a health emergency compromises your earning potential.
It’s a sad reality that accidents can strike at any time. Accident insurance involves the payout of a lump sum for injury or death caused by an accident. This product can ease your family’s money burdens during an emotionally taxing time.
Funeral or final expenses insurance
Funerals are often accompanied by substantial and unseen costs. Final expenses insurance generally grants a small payout upon your death, enabling your family to pay for your funeral or cover credit cards and other minor debts.
Other life insurance products
Most insurance providers also offer a variety of customised life insurance products, ranging from total and permanent disability insurance to bill protector insurance, pet care and cover for your children.
Understanding the unique features and benefits of various life insurance products should be the first step before committing to a product that’s right for you. No matter what your individual priorities are, there’s sure to be an insurance offering designed with your needs in mind.