Did you know that you can now apply for Death Insurance Cover as a standalone policy and also add riders to it?
Death Insurance, or as it is also known as Life Insurance, can be used in the form of Buy / Sell Agreement. The payout of certain liabilities can be structured so the money is for investment purposes.
Death Insurance Cover can be structured in the form of a contract where the insurance company is bound to pay an agreed sum on the death of the person who is insured.
Is a Death Insurance plan recommended?
A good financial plan is designed to build and preserve capital, so when death insurance is claimed on the beneficiaries are looked after.
Generally death insurance cover is not enough, so one needs to apply for Life Insurance, Total and Permanent disability Insurance, Critical illnesses, Trauma Insurance or Income Protection.
It is also important to insure against death for non-income earning partners. Your partner may contribute significantly to such duties as childcare and home maintenance and in the event of their death the cost of hiring professionals to provide these services could be considerable. Australian residents can now apply for a death insurance quote online through one of our insurance specialists.
The cost of the Death Insurance Cover for both the income earning and non-income earning partner depends on the type of cover selected. A regular review of your cover is necessary to ensure you are not under-insured or over-insured.
Tax deductibility is available for certain types of insurance cover and it is therefore important that your insurance is structured in such a way as to take advantage of any tax concessions for which you may be eligible.
How Do I Know What Is a Good Life Insurance Product?
In determining the most appropriate Death Insurance Cover, your cover should aim to achieve a balance between affordability and the most favorable policy conditions. Insurance products can differ and its best to speak with one of our insurance specialists to tailor your cover.
In assessing the amount of cover required, when applying for death insurance you should consider:
- Current levels of assets and liabilities.
- Income required maintaining your family’s standard of living.
- Costs of a housekeeper or day care should these services be required.
- Costs of caring for a totally and permanently disabled person.
There are many types of death insurance available. Unfortunately we just don’t know when death could be around the corner. The cover is there for unplanned or unexpected events occurring in your life. Things such as a major accident or illness, or even death are insurable and can cost you a large amount of money if managed and assessed properly.
Call Today On 1300 850 902 and we’ll provide you specific and tailored Insurance advice for your Death Insurance Cover.
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