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Life Insurance can be divided up into different types of Life Insurance. Term Life Insurance will pay out a lump sum payment to your family upon your passing. This is designed to ensure the financial security of your family for the future. The payment is intended to be used by your family to cover costs of living such as paying off a home loan, debts. Generally Term Life Insurance premiums become more expensive as you become older.
Total and Permanent Disablement Insurance is usually added as an extension to an existing Term Life Insurance but in some cases can be taken out as a stand alone policy.
Trauma Insurance pay out a lump sum much the same as a Term Life Insurance policy, but in the event of sickness or injury. Mortgage Protection pays out a lump sum upon your your passing and is design to be used as an investment to provide an ongoing stream of income to your family.
Income Protection plans are intended to replace your stream of income if you are no longer able to work due to injury or sickness. At the time of writing, Income Protection insurance premiums are tax deductible. The cost of Income Protection premiums varies due to many factors including your occupation and insured amount.
Life Insurance Providers include:
- Allianz
- AAMI
- XLife
- Life Broker
- iSelect
- Medibank Private
- Guardian Insurance
- One Path
- Aussie
- Real Insurance
There are many companies in Australia providing Life Insurance and it's variations. Many have great websites providing instant online quotes, including all the information about their policies and coverage. Shop around for the best deal, the cheapest premium is not always the most suitable as it may not include all of the coverage that you require.