Life Insurance is complex. Life Insurance is confusing.
Most of us know of Life insurance as a death policy. This means that in the event of your death, a lump sum payment is paid to your beneficiary. Most times this is your partner or children who can use the money to ease the financial burden caused by your passing.
In recent years we have seen dramatic changes within the industry. Online options to purchase insurance along with slick advertising campaigns telling our partners to insure us. It’s confusing and overwhelming.
It’s difficult to know exactly what we are getting when we purchase insurance and more importantly exactly what we need. What is the right option to ensure both you and your family are protected now and in the future?
The term life insurance has also changed and is now known as the blanket term that covers five different “life insurance policies”;
Income Protection: If you are unable to work due to injury or sickness, income protection will cover up to 75% of your income. This payment is paid for a predetermined period of time after a preselected waiting period.
Trauma Insurance: If you suffer from a specific disability, sickness or injury (as defined in your policy), a lump sum payment will be paid.
Total and Permanent Disability (TPD) Insurance: If you are unable to return to work (either your own occupation or any occupation as defined in your policy) due to a disability a lump sum payment will be paid.
Life Insurance: As per the traditional definition, a lump sum payment in the event of your death to your defined beneficiary.
Funeral Insurance: Don’t burden your family with your funeral costs, prepay them now.
Each policy is different and offers different benefits depending on your stage of life. In the table below you will find a recommendation on which policies you should consider at your specific life stage.
Life Insurance Guide Based on Life Stage
The team at The Farm Protectors are here to help with your individual insurance needs. We can discuss your current situation and future plans. This will allow us to recommend a customised insurance policy to protect you and your family now and into the future.
We can help with Life Insurance, Trauma Insurance, Income Protection and TPD insurance.
The Farm Protectors. Protecting you and your family.