Even the best-planned life can come undone by illness, accident or even death – and often with far-reaching consequences for those who depend on us, such as our family or business partners. Having the safety net of life insurance in place is important to help ensure that if you’re no longer around, those who depend on you can keep going without you.
Life insurance is not just a policy; it's your commitment to safeguarding your family's future.
Your life insurance policy guarantees that your family's financial needs are met, maintaining their quality of life even when you're no longer there to provide.
Outstanding debts, such as mortgages, loans, or credit card bills, can be a significant burden. Life insurance ensures that your family doesn't inherit these financial obligations.
Life insurance can be an essential part of your estate plan, allowing you to leave a financial legacy for your heirs or support charitable causes close to your heart.
In Australia, life insurance proceeds are generally tax-free, providing additional financial relief to your beneficiaries.
In Australia, there are several types of life insurance cover available to cater to different needs and circumstances. Below are the various types of life insurance cover commonly offered:
This is the most basic and common form of life insurance. It provides a lump-sum payment (death benefit) to your beneficiaries if you pass away during the policy term. Term life insurance is typically affordable and provides coverage for a specified period, such as 10, 20, or 30 years.
Whole life insurance provides lifelong coverage. It combines a death benefit with a savings or investment component, allowing the policy to accumulate cash value over time. Policyholders can access this cash value through withdrawals or loans.
Trauma insurance provides a lump-sum payment if you are diagnosed with a specified critical illness or experience a severe injury, such as cancer, heart attack, stroke, or major surgery. This payout can help cover medical expenses and lifestyle adjustments.
Businesses often use key person insurance to protect against the financial impact of the loss of a key employee or owner. The policy provides a payout to the business to help cover expenses and losses associated with the absence of the key person.
This type of insurance is used by business partners to ensure a smooth transition of ownership in the event of one partner's death or disability. The policy provides funds for the remaining partner(s) to buy out the affected partner's share of the business.
Group life insurance is typically provided by employers as part of their employee benefits package. It offers life insurance coverage to a group of employees, often at a lower cost than individual policies.
This type of insurance provides coverage for specific illnesses or injuries that affect your child, such as cancer, major surgeries, or permanent disabilities. It helps cover medical expenses and provides financial support for your child's care.
Funeral insurance is designed to cover the cost of your funeral and related expenses. It provides a smaller lump-sum payment to your beneficiaries upon your passing, ensuring that they can meet funeral costs without financial strain.
TPD insurance offers financial protection if you become totally and permanently disabled and can no longer work. The policy pays a lump sum that can be used to cover medical expenses, ongoing care, and lifestyle adjustments.
Income protection insurance replaces a portion of your income if you are unable to work due to illness or injury. It provides regular payments (usually a percentage of your income) to cover essential expenses, such as bills and mortgage payments, during your recovery period.
It's important to carefully assess your financial needs, lifestyle, and long-term goals to determine which type of life insurance coverage is most suitable for you and your family. Consulting with a qualified insurance advisor, like our brokers at Midland, can help you make an informed decision based on your unique circumstances.
At Midland, we understand that choosing the right life insurance policy can be overwhelming. That's why we're here to guide you through the process, offering personalised solutions tailored to your unique needs and financial goals.
Don't wait until it's too late. Invest in the protection and security of your loved ones today. Contact us for a free consultation and let us help you find the perfect life insurance solution for your peace of mind.
Midland Carlton: 1300 306 571
Midland Mornington Peninsula: 1300 880 768
Midland Sydney: 1300 306 571