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Frequently asked questions
How does my family benefit from my life insurance?
If you are the breadwinner in your family and you suddenly lose your life, your dependents, like your wife and children, could meet their cost of living if you took out a life insurance policy. Through this financial product, your family members can carry on with their lives, even if you are not around anymore to support them financially.
In Australia, how does this type of insurance policy work?
A life insurance policy works in Australia when, for example, you are already deceased, then, your insurance policy provider would pay a lump sum payment to your beneficiaries. These people you listed or nominated in your plan are typically your immediate family members. Furthermore, besides your death, when your doctor diagnoses you with a terminal ailment that will conclude in death within a year, your insurer will cover any of your medical expenses. Plus, they would get your financial circumstances in order. Your loved ones would, therefore, not suffer from financial trauma compounding the emotional devastation that they would inevitably face because of losing you.
What does the personal insurance plan encompass?
The kind of life insurance policy you are searching for will determine the cover of the plan. These are the five different kinds of insurance cover you can avail:
A) Accidental Death
If you pass away because of an accident, there are some types of policies that cover you. Nevertheless, these insurance plans feature many conditions and exclusions, such as risky behaviour, alcoholism, and drug addiction.
B) Total and Permanent Disability
In case you become disabled wholly and permanently, your insurance service provider would cover your living expenses and rehabilitation. Insurers typically sell this type of cover with life cover.
C) Life Cover
At the event of your death, this cover pays a lump sum to your immediate family members or your nominated beneficiaries in your life insurance policy.
D) Trauma Cover
You will get money from your insurance service provider that you can use to support your monetary needs with this cover. It is for insurance policyholders whose physicians diagnosed them to have a critical disease that affects their lives tremendously.
E) Income Protection Cover
When you get seriously injured or ill, it is highly likely that you would not be able to work. Hence, this type of cover replaces your income and provides you with regular payments.