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Insurance

Life Insurance

At Insight Super and Retirement, we understand the importance of safeguarding your family’s financial future. Life insurance is a crucial component of a comprehensive financial plan, providing peace of mind and financial security in the event of the unexpected. Our expert advisors are here to help you navigate the various life insurance options available in Australia, ensuring you choose the right coverage to protect your loved ones.

Understanding Life Insurance

Life insurance is a contract between you and an insurance provider, where you pay regular premiums in exchange for a lump sum payment to your beneficiaries upon your death. This payment, known as the death benefit, can help cover expenses such as mortgage repayments, living costs, and your children’s education, ensuring your family’s financial stability.

Types of Life Insurance

1. Term Life Insurance:

    • Term life insurance provides coverage for a specified period, usually ranging from 10 to 30 years. If you pass away during the term, your beneficiaries receive the death benefit. This type of insurance is often more affordable and is ideal for covering financial obligations that will eventually be paid off, like a mortgage.

2. Income Protection Insurance:

    • Income protection insurance provides a regular income if you’re unable to work due to illness or injury. This type of coverage ensures that you can continue to meet your financial obligations and maintain your lifestyle during difficult times.

3. Total and Permanent Disability (TPD) Insurance:

    • TPD insurance pays a lump sum if you become totally and permanently disabled and are unable to work again. This payout can be used to cover medical costs, rehabilitation, and modifications to your home or lifestyle.

4. Trauma Insurance:

    • Trauma insurance, also known as critical illness insurance, provides a lump sum payment if you’re diagnosed with a specified serious illness, such as cancer or heart disease. This benefit helps cover the costs of treatment and recovery, reducing financial stress during a challenging time.