What is it?
Life insurance is a product used to provide financial compensation to families or business in the event of death or terminal illness.
It is the most commonly known and understood of the range of life insurance products.
The cost of insurance varies due to your age, occupation, health, smoking status and sex.
When and how is it paid?
Life insurance pays a lump sum on your death or the diagnosis of a terminal illness.
The benefit is payable to the policy owner or beneficiary who could be a spouse, business partner, child or other party.
What could the proceeds be used for?
• The repayment of debts including home loan, personal loans and credit cards;
• To provide an income stream to dependants for bills, living expenses, school fees or child care;
• To provide income or capital to business in the event a key person or shareholder dies;
• To provide a benefit to a charity.