Family life insurance helps ensure your family's financial security in the event of death or terminal illness diagnosis. It is paid as a lump sum to the beneficiaries of your choice.
Do you need family life insurance?
This type of life insurance is designed to cover the daily living costs of dependents in the event of a sudden death, including food, clothing, mortgages, rent and education.
Family life insurance is most recommended when you are the main source of family income, as it will protect your children and other dependents from facing financial difficulties if you are no longer able to work. Family life insurance is also worth considering for the parent who is not the main breadwinner, as it can cover their contribution as a family chef, driver and caregiver.
When deciding on the right coverage level for you, it is worth doing some calculations that take into account your family's specific financial goals, such as mortgage repayment and tuition coverage.
Who is entitled to family life insurance?
Family life insurance can be an inexpensive way to protect your family's future, starting at just $ 1.50 a week. All Australian residents aged between 18 and 64 can apply. Family life insurance premiums can vary based on several factors, including:
Your age and gender
Whether you smoke or not
Most of the policies available are similar in their condition and level of coverage and do not require medical or blood tests.
What types of family life insurance are available?
Most policies offer a similar level of benefit and you can adapt a family life insurance policy to meet the specific needs of your family, including the amount paid to the beneficiaries. For example, if your family has young children, it may be necessary for the lump sum payment to be approximately 10-12 times your family's annual taxable income to ensure that their needs are met for some time after your death.
The choice of family life insurance
Family life insurance is the best way to ensure that your partner and children can continue to enjoy the lifestyle that you have worked so hard to provide, in case the worst happens.
Wealth Smart understands that the process of choosing an insurance policy for the right family, not only for you but for those who depend on you, can be a daunting and time-consuming task. That's why we are committed to making the job as simple as possible. We offer a simple, comprehensive and objective comparison of family life insurance options from major providers so that you can make an informed choice that suits your unique situation and budget. You will have the peace of mind of knowing that your family will always be cared for.