If death means the family may no longer be able to pay the mortgage, car repayments or other ongoing financial commitments, the outcome will be all the more heartbreaking. That’s where life insurance helps. It can’t change the circumstance of a death of a loved one, but it can help with any financial difficulties faced by the family.
Studies have shown that millions of Australians do not have adequate life insurance cover to assist their loved ones in the event of an untimely death. 50% of Australians with life insurance were underinsured “by $100,000 or more” (1), leaving families with added financial burden of dealing with this shortfall.
It is important to consider the type and the level of life insurance cover that will give your family peace of mind.
Getting started?
It’s a good idea to start by asking yourself what you want the cover to be used for? Your current lifestyle and financial obligations should be considered and may include the following factors:
For most people with families, a life plan could, incorporate the following:
A life insurance policy can be tailored to your budget and situation, and can be setup to ensure that you have payments you can meet with the reassurance you and your family will be covered.
The Allianz Life Plan is a simple and effective insurance plan that offers three types of insurance cover:
Life cover can pay a lump sum if the life insured dies or suffers a terminal illness where death is likely to occur within 12 months.
Critical Illness cover can pay a lump sum benefit if the life insured suffers one of the defined critical illness events.
Permanently Unable to Work cover can pay a lump sum if the life insured suffers a sickness or injury which means they are permanently unlikely ever to be able to work again. It will also pay a lump sum if the life insured suffers from a Major Physical Impairment as defined by the policy.
These covers can be taken individually, or in any combination and you can insure up to two people under the Allianz Life Plan.
To help secure your family’s financial future with Life Insurance, visit Allianz.com.au/life for a quote today.
Insurance issued by Allianz Australia Life Insurance Limited. We do not provide advice on this insurance based on any consideration of your objectives, financial situation or needs. Terms conditions and exclusions apply. Please consider the Product Disclosure Statement available from allianz.com.au before making a decision about this product.
Sources:
(1) 2008 Survey Australian Institute of Superannuation Trustees (AIST) and the Industry Funds Forum (IFF)AIST Media Release, Tuesday 3rd June 2008
Studies have shown that millions of Australians do not have adequate life insurance cover to assist their loved ones in the event of an untimely death. 50% of Australians with life insurance were underinsured “by $100,000 or more” (1), leaving families with added financial burden of dealing with this shortfall.
It is important to consider the type and the level of life insurance cover that will give your family peace of mind.
Getting started?
It’s a good idea to start by asking yourself what you want the cover to be used for? Your current lifestyle and financial obligations should be considered and may include the following factors:
- How much is your mortgage or rent?
- How much are your family living expenses – e.g. household bills, running a car etc.?
- What loans or credit card repayments are you committed to?
- If you have children, how long will they be dependent on your income?
- Do your children have education fees you may need to pay for?
- What is the cost of child care if you are working?
- Funeral expenses?
- And don't forget costs for vacations and visiting friends and family, and time to get away.
For most people with families, a life plan could, incorporate the following:
- Funeral costs – to pay for the immediate necessities and to remove financial stress at a time when your family are grieving.
- Loss of Income - a suitable level of insurance to replace your income and support your family in the event of your death.
- Education - cover to ensure that your children get the education you want them to have.
- Provide a legacy - your policy should provide an amount of backup capital for your family to cover unexpected and emergency expenses that may arise in the future.
A life insurance policy can be tailored to your budget and situation, and can be setup to ensure that you have payments you can meet with the reassurance you and your family will be covered.
The Allianz Life Plan is a simple and effective insurance plan that offers three types of insurance cover:
Life cover can pay a lump sum if the life insured dies or suffers a terminal illness where death is likely to occur within 12 months.
Critical Illness cover can pay a lump sum benefit if the life insured suffers one of the defined critical illness events.
Permanently Unable to Work cover can pay a lump sum if the life insured suffers a sickness or injury which means they are permanently unlikely ever to be able to work again. It will also pay a lump sum if the life insured suffers from a Major Physical Impairment as defined by the policy.
These covers can be taken individually, or in any combination and you can insure up to two people under the Allianz Life Plan.
To help secure your family’s financial future with Life Insurance, visit Allianz.com.au/life for a quote today.
Insurance issued by Allianz Australia Life Insurance Limited. We do not provide advice on this insurance based on any consideration of your objectives, financial situation or needs. Terms conditions and exclusions apply. Please consider the Product Disclosure Statement available from allianz.com.au before making a decision about this product.
Sources:
(1) 2008 Survey Australian Institute of Superannuation Trustees (AIST) and the Industry Funds Forum (IFF)AIST Media Release, Tuesday 3rd June 2008
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