Term Life insurance works by paying a lump sum on your death or the diagnosis of a terminal illness.
The payout means your family will be assisted financially if you are no longer around. It also means your loved ones can focus on supporting each other at a time of immense grief, rather than having to worry about how they will pay bills and manage other expenses.
None of us like to consider our own mortality, but none of us know what the future holds. According to a study by Lifewise and Natsem*, 1 in 5 families will be impacted by the death of a parent, a serious accident, or illness that renders a parent unable to work. Sadly, 8 Australian families lose a working parent every day.
It’s not worth taking the risk that your family won’t be among them. Talk to your Financial Adviser to make sure you and your loved ones are protected.
*Source: Lifewise/Natsem Underinsurance Report - Understanding the social and economic cost of underinsurance, February 2010.
Having the right level of life insurance is important.
A starting point in considering the level of cover that’s right for you may be to total the debts you currently have, including your home loan. Then think about how much your family might need to maintain their current – and future – lifestyle based on your existing financial resources.
Life insurance helps to ensure that your family can continue to live the lifestyle you planned for them, even when you’re no longer here. It’s important that you nominate a beneficiary as part of your policy, so you can ensure the benefit goes to those who matter most to you.
It is common for people to nominate a beneficiary who relies on them financially, such as a spouse or partner (either personal or business) or young children. There are rules governing who you can nominate as a beneficiary of insurance held through your super fund. However for cover held outside of super, a nominated beneficiary can usually be an individual, corporation or trust. If you choose to nominate more than one beneficiary, you will need to specify the percentage of the benefit you would like each person to receive.
The Issuer is Westpac Life Insurance Services Limited ABN 31 003 149 157 AFSL 233728 (WLIS), except for Term Life as Superannuation and Income Protection as Superannuation which are issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (BTFM) as trustee of the Retirement Wrap ABN 39 827 542 991. WLIS and BTFM are wholly owned subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The Bank does not guarantee the insurance. This information does not take into account your personal circumstances. Terms and conditions, and limitations and exclusions apply. Please read the Product Disclosure Statement to see if this insurance is right for you.
© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714