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Life insurance is a type of insurance designed to offer you and your family financial peace of mind. If something happens to you, your family would probably be covered for some of the biggest living expenses, which include significant medical bills or changes to your home due to a disability, or potentially even funeral arrangements.

When you or your designated beneficiary file a claim, a flat rate payment can be provided to your family. This could happen in the event of death or in the case of diagnosis of terminal illness.

A life insurance policy is a document that outlines the benefits of your life insurance. It covers the amount you may receive when filing a complaint and under what circumstances you can file a complaint, as well as any relevant exclusions or specifications, including details of your beneficiaries.

It should also include if premiums have been increased or increased (i.e. if payments increase each year in line with the IPC indexing and age, or if they only increase by the indexing of the IPC # 39; IPC).

The life insurance policy is usually provided by a bank or pension fund. It may include multiple types of coverage depending on the circumstances. Some of these include:

Life Cover
Income protection
Total and permanent disability cover (TPD)
Trauma insurance

Before taking out a life insurance, it is important to understand all the details of the policy. You can do this by reviewing your policy's Product Disclosure Statement (PDS), which outlines all the details of the policy.

With iSelect you can compare the life insurance policies of our range of suppliers to find a policy of your choice. Start comparing online today or call our friendly team on 13 19 20.