Life Insurance in Australia
by admin on 18/06/11 at 9:41 am
Life insurance is specifically designed to protect loved ones from suffering financially when an idividual passes away. In the event of the death of the insured, a lump sum is paid to his or her estate or beneficiaries. The amount of this lump sum depends on the insured sum as detailed within the life insurance policy.
The money paid out can then be used to pay for funeral costs and/ or pay off outstanding debts, such as loans or mortgages. In Australia, term life insurance is the most commonly available life insurance type.
As the name suggests, this type of insurance is offered for a specific term, as a rule up to the age of 99 years. Premiums for life insurance protection are paid either monthly or annually; if payments are stopped, protection is no longer provided.
Some companies also place TPD (total & permanent disability), trauma and income protection insurance under the umbrella of life insurance. Expert advisers at xLife Life Insurance from www.xlife.com.au are committed to finding the right type of life insurance policy at the best possible rates for their clients.
Note: It is no longer possible to obtain Whole Life or Universal Life insurance policies in Australia.
