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Life Insurance
Life insurance pays a benefit to your nominated beneficiaries when you pass away. It is designed to give your family financial security and stop the loss of your income from leaving them in financial hardship.
One of the biggest benefits of life insurance is peace of mind, especially if you have people who depend on you. It means your family will not be left struggling financially if the worst happens. Payouts are usually tax-free, so your beneficiaries receive the full amount to use as they need. Some types of life insurance also include a savings or investment component, allowing you to withdraw part of the cash value if an unexpected financial need comes up.
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Types of life insurance premiums
- Stepped premiums (Rate for Age):
Your premium increases as you get older. Premiums start lower and then rise each year with your age and inflation.
- Level premiums (Level):
You choose a set term and your premium is locked in for that period. Level premiums cost more than stepped premiums at the start, but your premium does not go up with age and stays the same every year for the chosen term.