When planning for your financial future, life insurance can be a safe and reliable way to protect the ones you love and cherish. And while many people understand the importance of life insurance, many aren’t clear on how life insurance actually works. They are unsure of the different types of life insurance that are available to them. Below is some simple information on what is life insurance. This information might be helpful to you when deciding on a policy that’s right for you. Of course, for the best advice, get in touch a professional life insurance salesman or insurance business.
So What is Life Insurance?
When you purchase life insurance, you are entering into a contract with a life insurance company. The company agrees to pay a death benefit to your spouse, children or other beneficiary you may choose. In exchange, you will make payments to the insurance company on a monthly or annual basis. These regular payments are also known as your insurance premiums. The amount is based on a numerous factors such as your age, gender, medical history and the amount of life insurance you purchase.
Life insurance is a basic tool for providing your family financial protection for an unexpected. When future planning, you will normally count on a continued income to maintain a certain lifestyle. Life insurance can help preserve and protect your accustomed quality lifestyle upon the death of a family member and income earner. Some basic needs which typically arise upon a person’s death are:
For More information, have a look at:
1. Life Insurance Benefits
2. Why buy life insurance
3. Life Insurance explained
4. Whole life insurance
5. Term life insurance
6. What is life insurance
7. Life Insurance
Life insurance is a basic tool for providing your family financial protection for an unexpected. When future planning, you will normally count on a continued income to maintain a certain lifestyle. Life insurance can help preserve and protect your accustomed quality lifestyle upon the death of a family member and income earner. Some basic needs which typically arise upon a person’s death are:
- Funeral Expenses – Estimates vary from approximately $5,000 to $20,000 and more. This will include cash for emergencies, probate fees and legal expenses.
- Mortgage or Rent – Your families commitment to a mortgage or will still continue after your passing.
- Education Costs – Education is extremely expensive in the private sector in Australia. If you want your children to have private education, you will need to have sufficient funds available to pay this.
For More information, have a look at:
1. Life Insurance Benefits
2. Why buy life insurance
3. Life Insurance explained
4. Whole life insurance
5. Term life insurance
6. What is life insurance
7. Life Insurance