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What is life insurance?
In simple terms, life insurance covers your family or chosen dependents with a lump sum pay-out when you die. You make monthly payments to the insurer in case anything happens to you during the duration of the policy, known as the ‘term’. If you do pass away during the ‘term’ your insurer will pay a lump sum of money that you agreed on to your family, known as the ‘sum assured’. Your family can then use this lump sum to clear any debts, mortgage, childcare if necessary or day to day expenses.
Types of Life Insurance
Single Life Insurance
A single life insurance policy covers one person. You choose a beneficiary who receives the payout when you die. This could be your partner, child, or anyone you select. You can change the beneficiary by writing the policy in trust. Single life insurance is flexible and can suit various personal situations, ensuring financial protection for your chosen recipient.
Joint Life Insurance
Joint life insurance covers both people in a relationship under one policy. It's often cheaper than two separate policies and protects both partners' financial contributions. The policy pays out once, usually when the first person dies. The payout should cover at least your mortgage, but you can add extra for bills and family expenses. If you both die together, the money goes to your estate or directly to beneficiaries if the policy is in trust.
There are three main types of policy. Two have fixed terms, usually for a period of time, while the other is indefinite:
The total sum insured is the same amount no matter when you pass away during the policy, provided it is still active.
Decreasing-term Insurance
The pay-out decreases as the policy term goes on. This type of policy is designed to cover long-term financial commitments like mortgages, because as time goes on, your dependants will have less to pay off if you die.
Also known as ‘life assurance’, this type of policy covers your whole life and is guaranteed to pay out when you die. Whole-of life insurance is more expensive than the other two types because there will always be a pay-out at the end.
How we work
Life Insurance FAQs
How much do you pay for your life insurance?
Your Personal Details:
This can include your age, your current health, any past health conditions plus your family health history. Your lifestyle can also affect the cost, an unhealthy lifestyle can increase your premiums, including smoking. Dangerous hobbies or jobs that place you at risk can also affect your monthly premiums.
When does life insurance pay out?
Does life insurance cover terminal illness?
What if I don't die - Will my life insurance policy pay out?
Do I need life insurance?
