According to the Actuaries Institute, 11 per cent of Australians will not live to the age of 65*, yet many families are not prepared for this prospect and may have no financial peace of mind if the worst were to happen.
Qualified life insurance specialists at LifeInsuranceComparison.com.au note this could be set to change, with the emergence of a new option that will help more Australian consumers to safeguard their financial security through life insurance – even those who assume that they can’t afford to buy cover.
Australians who are currently struggling to fit life insurance into their budget may be able to benefit by paying for a policy of their choosing via their super fund. This often overlooked strategy may provide consumers with peace of mind without impacting their everyday expenses. Remember: It’s important before making a decision that you consider all benefits and risks associated with the product.
Here’s How You Do It:
Step 1: Select your current age below.
Step 2: Once you answer a few questions, you will have the opportunity to compare quotes from up to 10 of Australia’s largest insurers. You may also be entitled to a free consultation.
The benefits do not stop there though. Life insurance premiums are taken from the superannuation balance, meaning that cover may be affordable even to those on a tight household budget. With premiums automatically being deducted from the fund balance, consumers do not have to worry about paying premiums on time.
Consumers can usually get death cover, Total and Permanent Disability (TPD) cover and Income Protection insurance, but Critical Illness/Trauma insurance is not available through superannuation.
Making the move to superannuation may be appropriate for consumers on a strict budget that would not otherwise be able to afford life insurance cover. This enables them to protect their family’s financial future if the policyholder were to die or be unable to work because of illness or injury.
Get Started Now:
Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.
* “89% of Australians will live to 65,” Source: Actuaries Institute
The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. As such, it is important that you consider the appropriateness of the advice and the relevant product disclosure statement (PDS) before proceeding. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Alternative Media Pty Ltd.
Life insurance policies are subject to the age restriction of 75 and under. For more information contact 1300 904 624 or email us at [email protected]