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What is Life Insurance?

Life insurance provides a lump sum payment to your beneficiaries upon your death or upon your diagnosis with a terminal illness that will end in death within 12 months. Life insurance helps prevent financial trauma from compounding the emotional trauma your family would inevitably suffer.

CANSTAR also researches and rates other related products that you can compare and buy in a package together with life insurance:

• Trauma Cover to provide a lump sum payment if you suffer a critical illness or injury.
• Total and Permanent Disability Cover (TPD) to provide a lump sum payment if you become totally and permanently disabled so that you are no longer able to work.
• Income Protection Insurance to provide a monthly payment if you are unable to work due to serious illness or injury.

Sadly, many Australians do need to fall back on their personal insurance each year, with The Risk Store advising that total claims paid out by retail insurers top approximately $5 billion per year.

If you’re not sure that you really need personal insurance, ask yourself the following questions:

• If you died, would your family be able to maintain its current standard of living?
• As well as current standard of living, would your family be able to afford the future goals you had set?
• If you were permanently disabled, how would your family pay the bills? If you don’t have a family, who would look after you and would you be able to afford the care?
• How long could you continue to pay your bills without your income?
• If you suffered a significant injury, could you afford home modifications?
• How would you pay for the cost of any long-term rehabilitation you may need?

If the answer to any of the above indicates the need for extra money to be available, you need to look at personal insurance!

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Written by: TJ Ryan