Life Insurance Quotes

Life Insurance is often used as a term to refer to the different types of covers available (typically, life, TPD, trauma and income protection) with the aim of keeping your family and loved ones’ way of life protected financially.

Life Cover (sometimes known as term life insurance or death cover) is a type of Life Insurance which can help provide a degree of financial security for your family and loved ones in the event of your death, or if you are diagnosed with a terminal illness with less than 24 months to live. Particularly if you have a mortgage, family or loved ones, Life Insurance can help you protect what’s most important to you if you are no longer around.

You can choose to cover yourself for Life (Death) only, or consider additional covers that can (depending on the type of cover) help provide financial protection if you couldn’t work as a result of a sickness or injury, or were diagnosed with a serious illness condition.

‘Life Insurance’ is often used as an umbrella term to refer to several different types of cover that provide a degree of financial protection in the event of death, diagnosis of a serious medical condition listed in the cover, or if you suffer sickness or injury and can’t work.

Budget Direct Premium Life Direct Life Insurance cover types include Life, Total and Permanent Disability (TPD), Trauma and Income Protection. You can choose one more of these covers with the aim of providing yourself, your family and loved ones with some financial protection if life takes a turn for the worse.

Depending on the cover type(s) you choose, and if you meet the conditions of cover, you would generally be eligible to claim if you were;

• to die or were diagnosed with a terminal illness condition (Life cover)
• could not ever work again due to a sickness or injury (TPD cover),
• unable to work due to sickness or injury (income Protection cover) or
• diagnosed with a serious medical condition listed in the PDS (Trauma cover).

Total and Permanent Disablement (TPD) Insurance is an optional extra you can apply to your Life Cover, that can help you financially if you suffer a sickness or injury and are and unable to work again.

Having this type of cover in place can help ensure your family will not be left with a major financial burden. For example, a TPD Insurance benefit may be used to ensure:

• major debts such as the home mortgage, credit cards and personal loans can be paid out
• you can afford to move home or make modifications to your existing home
• you can pay for ongoing care and medical costs.

If you add TPD cover as an option to your Life cover then any approved claim for a TPD event will reduce your Life cover by the amount of the TPD cover payment.

If you are aged between 16 and 59 you can apply for up to $5m cover, to be paid as a lump sum following approval of a claim. Cover can remain in place to age 75 as long as you continue to pay your premiums when due.

Some superannuation includes life insurance cover which may be a nominal amount. Depending on your circumstance, your debts and lifestage, you may require more insurance than what is available in your super. Additionally you may wish for as much of your superannuation balance to be invested to grow your super, rather than directing some of it to cover life insurance premiums. Terms, Conditions, Limits and Exclusions differ between insurance held inside super and outside super, so always check the PDS.

The cost of Life Insurance can depend on a variety of factors, such as your age, gender and whether you smoke or not. It also depends on your occupation and lifestyle, your medical history and the level of cover you choose.

For example, if you are a 35-year-old non-smoking male with no existing medical conditions, you would pay approximately $26/month for Life Cover worth $500,000. If you are a 35-year-old non-smoking female with no existing medical conditions, you would pay approximately $19/month for the same cover. Females tend to have a lower mortality risk, so will usually pay less in premiums.

Premiums can be paid monthly or annually, to suit your budget.