Life Cover
Life cover comes in many forms and the most common of these is life insurance, which is also known as death cover. Life insurance pays out a lump sum should the life covered dies or is diagnosed with a terminal illness. This lump sum is paid to either their estate or their nominated beneficiaries.
Other Types of Life Cover
Other types of life cover include the following:
- Total and Permanent Disability Insurance – this provides you with a lump sum should the life covered suffer from a total & permanent disability. This lump sum cover is commonly combined with life cover.
- Trauma Insurance - provides you with a lump sum should the life covered suffer from a traumatic event. While this is still a relatively new type of cover in the insurance world it is gaining popularity very quickly and more so when combined with life cover.
- Income Protection - provides you with 75% of your income should you suffer from a sickness or accident and be unable to work for longer than your waiting period.
When considering the types of life cover you may need it essential that you look at your situation and that of your family’s and consider what it is you are looking to achieve.
Life Cover Premiums
The premium payable for your life cover really depends on a number of factors and here are some of them:
- Type & level life cover you are considering;
- Your current age;
- Your smoking status;
- Your occupation; and
- The state you live in (NSW, VIC, QLD, TAS, WA, ACT, NT, SA).
We have provided some indicative levels of premiums below for the different levels of life cover.
- Life Insurance Rates
- Total and Permanent Disability Rates
- Trauma Insurance Rates
- Income Protection Rates
Life Cover Eligibility Ages
Life cover eligibility ages & expiry ages range between life insurance companies and types of cover but below we have listed some of the more common ones. Please note that you should refer to the life insurance company’s product disclosure statement (PDS) for the exact details as each life insurance company will differ.
Life Insurance
- Eligibility Ages: 16 - 74
- Expiry Ages: 90 – 100 (Depending on provider)
Total Permanent Disability Insurance
- Eligibility Ages: 16 - 61
- Expiry Ages: 65 – 70 (Depending on provider)
Trauma Insurance
- Eligibility Ages: 16 - 66
- Expiry Ages: 65 – 70 (Depending on provider)
Income Protection Insurance
- Eligibility Ages: 16 - 69
- Expiry Ages: 65 – 75 (Depending on provider)
Choosing the type of life cover can be daunting if you have never had life cover before. Perhaps even more so if you are not exactly sure of what you are looking for. It is then best to give one of our experienced insurance advisers a call on 1300 135 205 to see if we can assist you and offer our free life insurance quotes.
Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year’s life insurance premium.
December 2009
