What To Expect With Family Life Insurance
Getting Life Insurance for your family insures the lives and incomes of your family members.
Flexible Protection For Your Family
Tailor a plan that works best for you and updates with your family's needs.
Comprehensive Financial Support
Receive a lump sum payment or income stream when it's most needed.
Support When It’s Time To Claim
We are your advocates to ensure you have support when you need it most.
We’ve partnered with over 90% of Australia’s leading retail insurers
Why Do I Need Family Life Insurance?
The livelihood of your family is dependant on its income earners.
It sounds obvious but income is required to cover living expenses, household bills, debt repayments, school fees, and everything else. For many Australians, their ability to earn income is their biggest asset.
Having adequate Life Insurance to protect income and earning potential before anything happens is critical.
Relying on default life insurance products through superannuation is often not enough as your family's financial situation, such as debts, living costs and wishes, have not been accounted for.
A Life Insurance broker will guide you through what Life Insurances are available so you can choose suitable cover to protect your family's future.
Assumptions: Medium Australian weekly income of $1,300 pw (Australian Bureau of Statistics - June 2024, Total Value of Dwellings Statistics)
Types of Life Insurance Options for a Family
Here are the important cover types to consider:
Life Insurance offers a lump sum benefit in the event the life insured passes away or suffers from a terminal illness.
- Financial security. Ensure dependants do not fall into financial hardship. Reduce or eliminate debt and replace lost income.
- Continuation. Ensure your family can afford everyday expenses and maintain a standard of living if a family member passes.
- Tax effective. Benefits are typically tax free if paid to a dependant or spouse.
Income Protection pays you a monthly benefit whilst you are unable to work due to health reasons. It is payable after a waiting period which you choose, until you can return to work or until the end of a benefit period (you choose that too).
- Ongoing financial support. Replaces up to 70% of your income whilst you are unable to work.
- Flexibility. Policies will cover for any accident, injury or illness that prevents you from working.
- Comprehensive coverage. Coverage is typically worldwide, 24/7, and guaranteed renewable.
TPD Insurance offers a lump sum benefit if you are permanently unable to work again due to illness, injury or accident.
- Ongoing financial support. Replaces up to 70% of your income whilst you are unable to work.
- Flexibility. Policies will cover for any accident, injury or illness that prevents you from working.
- Comprehensive coverage. Coverage is typically worldwide, 24/7, and guaranteed renewable.
Also known as Trauma Cover, this is a lump sum benefit paid on diagnosis of a specified serious medical condition such as heart attack, cancer or stroke.
- Support for major illnesses. Typically 50 or so specified conditions are covered including Multiple Sclerosis, Parkinson's, brain tumours and more. Refer to the insurer’s Product Disclosure Statement or speak with a broker for a full list of covered conditions.
- Financial cushion. Trauma Insurance benefits are generally tax free and can be used for any purpose. Typically, it gets used to help cover out of pocket medical expenses and cost of care.
- Peace of mind. Reduces stress, knowing major health diagnosis will not jeopardise your families finances.
The Benefits of Families Life Insurance
There are several benefits that you can expect when you purchase life insurance.
Fully Underwritten Cover
By having your medical history assessed upfront, you know what you are covered for and what you are not, giving you peace of mind if you need to make a life cover claim.
Support
One of the main factors in determining how much Life Insurance to take out is cost. We'll help you balance how much cover to take out versus the cost in the most effective manner.
Choice
Choosing the right life insurance policy is not just about premiums. We also help you compare the policies of Australia's leading insurers for quality and claims acceptance rates.
Premium Efficiency
Life Insurance premiums are effected by a number of factors such as your age and health. We help you navigate these factors to take out suitable Life Insurance at the lowest cost possible.
Discover the best rates and coverages that fit your family’s unique needs with our easy-to-use comparison tool.
Are You Ready to Protect Your Family's Future?
Don't wait until it's too late. Ensure you secure your family's financial security today with the right life insurance products. Call WeLifeInsure at 03 7036 0607 to protect your loved ones.
