Life insurance

Life insurance are policies that can protect you and your family against life events.

These policies are broken into two categories, first are those that provide a lump sum payment such as Death, Total Permenant Disability (TPD), Accidental Death, and Medical Trauma. Second, are those that provide a regular ongoing payment such as Income Protection, Salary Continuence, and Accidential Income cover.

Australia has a huge under-insurance issue and there are a lot of myths and misconceptions out there, the following image (via Pinterest) produced by TAL Life shows how well Australians scored in terms of taking out insurance to protect themselves and their families.

A common concern is that insurance companies will not payout, and while this is a valid concern its not as big an issue as you may think www.talrealitycheck.com.au was created to show clients both what gets payed out and case studies of client claims.

Imagine if something catastrophic happened to you such as death of a family member, or you had a major accident, or if cancer struck. What would you do?

With the right type and level of life insurance cover in place you won't need to worry because insurance is about peace of mind and financial security. Insurance can nowdays be very much tailored to your individual needs and circumstances, some insurance porviders are now also offering heavy discounts and other benefits for a healthy lifestyle. Such as TAL Life's Health Sense which offers high life time discounts for maintain a healthy lifestyle. Similar program is also offered by AIA Life called AIA Vitality

What can Life Insurance provide for?

Most Insurance companyies have additional benefits that expand the coverage provided to you.

As an example Parent Cover provides you with a lump sum benefit of up to $15,000 if your mother or father passes away, to help cover funeral and associated expenses.

Accident Cover is a practical alternative to full Life cover not subject to a medical assessment which means it may be an effective insurance if you have health conditions that make Life, TPD and/or Income Protection Cover expensive or unavailable

At Jason Dawson Financial Planning (JDFP) we utilise the full range of insurance providers to find you a taylored policy that is suitable to your needs, contact us and we can help establish a new policy or review an existing policy.

Dont forget the important concept, Duty of Disclosure