Life Insurance

What life insurance can provide

Life insurance, sometimes called life assurance, can pay a lump sum or regular income if you die. While money cannot replace a loved one, it may help repay a mortgage, replace income or cover regular household expenditure.

Common types of life insurance

Term insurance

Cover is arranged for an agreed term and pays out if you die during that period. Joint policies generally pay out once, on the first death during the term.

Family income benefit

Instead of a single lump sum, this type of term cover pays a regular income for the remainder of the policy term.

Whole-of-life insurance

This is designed to pay a lump sum whenever you die, provided the policy remains in force and premiums are maintained.

The amount and type of cover should reflect your commitments, dependants, existing benefits and budget.

This information provides a general appreciation of the topic and is not personal advice. Policy terms, exclusions and eligibility apply.