Life Insurance: What Are My Options?
Thursday March 21, 2013
When considering personal risk insurance, it pays to understand your options. With life insurance, there is more to it than receiving a lump-sum payment upon the death of a loved one.
Life insurance is not simply something you take out when you are overthe age of 50.
Life insurance is designed to protect your family’s future should something happen to you. An ideal life insurance policy pays out a lump sum payment of up to $1 million not just upon death, but also upon diagnosis of terminal illness. Having this benefit allows you to use the money in whatever way you want. With a life insurance payment, you can pay off a mortgage, clear debt, help with terminal illness treatment, pay children’s school fees or use to keep the family’s lifestyle.
Other life insurance policy options include a $10,000-advance payment for funeral expenses, bonus payments upon diagnosis of melanoma and even the ability to suspend your policy for a period of time.
A funeral insurance policy pays out a lump sum of up to $30,000 to help your loved ones meet funeral expenses as well as taking the initial financial burden off those left behind.The benefit of a funeral insurance policy is it pays out immediately, whereas many life insurance policies take time to sort out necessary paperwork before the policy is paid out. Starting at only a few dollars per week, policy premium costs make a funeral insurance plan accessible to all.
Designed to help you and your family cope should you experience an accident and be unable to earn an income, an accidental injury insurance plan can allow you time to recuperate, to pay for home help or home nursing care or help with monthly living expenses. When looking at this type of policy, be sure it covers accidents that may occur anywhere at any time. Many insurance companies offer different levels of coverage where you can choose to receive a higher or lower payment if you suffer certain injuries. With low monthly premiums, policy payments can range up to around $100,000.
It is an unfortunate fact of life that accidents do happen and sometimes they end in death. We all have the potential of experiencing a fatal car crash, an accident at home, or a workplace-related accident. In this instance, an accidental death plan can provideyour loved ones a lump-sum payment to help them through such a traumatic time. This allows them to continue with their lives without the financial stress and burden that everyday expenses, lifestyle costs, children’s school fees and mortgage or debt repayments cause.
Insurance policies offer protection. With the help of an experienced insurance adviser, you can ensure your life insurance policy is tailored to meet your needs and offers the most suitable protection. Insurance should be cost-effective and affordable, which you should speak to an experienced and knowledgeable insurance adviser who can help you get the best value for your money.
The aim of any life insurance plan is to protect and provide for those loved ones you leave behind. With many insurance companies operating today, you not only have the option to protect those should you die, but you can also tailor your life insurance options to protect you and your family.
About the Author: Shane Mulligan is a writer specialising in personal risk products. Having worked in the insurance industry, Shane has a strong knowledge of the marketplace today when it comes to insurance policy plans. He believes in insuring yourself with respected companies, such as Suncorp.
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