Most Australians understand the importance of taking out insurance and the first type of insurance that springs to mind is Life Insurance. Put simply, a Life Insurance policy pays a specified amount of money to the insured’s beneficiaries or estate as long as the insured passes away while their policy is still current. In exchange for the Life Insurance Policy, you must pay monthly or yearly premiums to the insurance company, such as Tower, AXA, Asteron etc.
Most standard Life Insurance Policies expire at the age of 99; however each life insurance company may have slightly different definitions.
How much life insurance should I take?
Determining how much life insurance you need is important as this is the amount that will enable your beneficiaries to live a lifestyle comparable to now after you pass away. It’s is the amount paid upon your death, and is decided when the policy is taken out. An easy calculation is to base the policy on 10 times your annual salary or depending on your financial situation at least the total amount of your liabilities. Talk to us and we’ll be more than happy assess your current financial situation in order to determine the appropriate amount of Life cover for you, taking into consideration:
- Debts – mortgage, credit cards, loans.
- Expenses – daily living expenses and future expenses like education for your children.
- Ongoing income needs of your family.
The question you need to ask yourself is: ‘If you failed to take out a Life Insurance Policy or failed to take out a Life Insurance Policy for the appropriate amount, would your family be able to financially cope if you weren’t there?
"I would like to Thankyou and your staff very much over the last few months. The ladies have been pretty good dealing with the Commonwealth Bank and getting back to me, as it has been very frustrating at times and they have calmed me down. I have sent an email ..."− From: Stella Miliatis
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"Dear Tony Forgot to say thank you for the gift that you sent us. the timing was spot on as we had just moved in physically on the day We seemed to have fit the essentials into to our finances so thankfully we won't need to think about a further loan. Thank you ..."− From: Simon Airey
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"G'day Tony, Good to talk to you yesterday and thanks for your help with the new House. Tarryn, Lyndal and yourself have been a pleasure to deal with. Can you please fire through the breakdown of weekly cost for each of the four areas you outline below and which institution they would be with. ..."− From: Neil Masters
"Dear Tony Thank you for your time today on the phone and the detailed discussion of our home loan status. Further to our conversation, Tim & I would like to pass on our congratulations to Barbara Mourga, on her extremely timely and professional help with our particular 'scenario'. We have bought (& ..."− From: Melissa & Tim
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"Hi Tony After much thought we've decided that we're better off selling the flat as we wouldnt be able to keep it and buy another place so rather than keep putting money into something we're going to sell in 12 months, best to do it now and add to the equity ..."− From: Bridie Read
"Hi Tony and team, Although belated, (I have been absent for the past 3 weeks) I would like to pass on our gratitude for the assistance you have provided with the purchace of our home. The gift basket was a lovely touch, and indicative of the personal customer service we have ..."− From: Brad Pearson
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"Haha! Hmmm, marginally better, I certainly feel reassured that we technically only have one last hurdle to jump. Seeing the words 'not a guarantee' only gave me slight reason to stress :) You've been wonderful, I really appreciate your patience and understanding. Not many people would be prepared to put up ."− From: Kelly Pearson
"Hi Tony, My apologies for not getting back to you earlier this week as promissed. Danijela and I went through the life insurance documents and we realised that we need to have a proper chat with either yourself or Lyndal again regarding this matter. We made a list of questions that we need some ..."− From: Serg and Daniella
"Dear Tony, Lyndal and Anna, Dane and I got home from work yesterday to find a little hamper from you, that was a lovely surprise - thank you so much! Thank you to your team for finding us a great homeloan and also sorting out our insurance. Your team has been excellent ..."− From: Rhianna Murray
"Hi Stress Attack... How is your heart beat now? So happy to hear some good news for you... I was quietly confident.... but we dont cheer until it is in writing. Still have to wait for a good val in SA – great news they aren't doing a val on NSW – shows ..."− From: Barb firstname.lastname@example.org
"Hi Tony and Taryn I received today a lovely congratulatory gift from both of you, which I thank you both for very much. Your excellence in professionalism, communication and assistance all the way through, with Taryn continually keeping me posted, alleviating my anxiety, and assisting to ensure that all was done in possibly one ..."− From: Cheryl Bigini
"Thanks Tony, I appreciate all your help. J You have been fantastic, not sure what we would do without your help & advice. Kara Spokes | Sales Manager Retail | Home Magazine "− From: Kara
"Hi Tony I really sorry I haven't written sooner but Ive been flat out working and renovating I haven't had time to scratch myself.I just wanted to say I really appreciate everything lyndal, anna and yourself did in regards to my loan and my finance protection. i was extremely happy with the service you provided "− From: Michael Richards