Spring clean your life insurance & income protection insurance
Have you forgotten how much income protection & life insurance you’re covered for?
If so, it’s high time you had your Life Insurance and income protection reviewed!
The best and most obvious way is to contact your insurer, or the person who helped put your Term Life Insurance & income protection insurance in place, usually your financial adviser.
Has your lifestyle changed?
Over the years, your life has probably changed – a job promotion, a higher salary, a house, car or children. These changes should be reflected in the level of life insurance and income protection you are insured for, as your level of risk has increased over the years. Put simply, you may now have more to lose, particularly if you have more dependants or more debt.
Are you underinsured?
Think about your situation, and how much it has changed over the past few months or perhaps even years. You may have only taken out life insurance in the beginning, but now find that you also need income protection after having children. All these changes add up, and you don’t want to be left short should you have to make a claim in the future.
But I already have life insurance in my superannuation
You may want to check with your superannuation provider about how much you are insured for, and how long it may take to receive benefits after making a claim. Generally speaking, the amount you are covered for from your superannuation fund may not cover all your financial needs. You may like to consider topping up the amount of life insurance you are covered for with another life insurance company, and perhaps even apply for income protection insurance.
Another reason you might consider having life insurance and income protection outside of super, are that claims may take longer to process in the superannuation environment, compared to claims made through a life insurance company. During an emotional and financial crisis, having money quickly in hand may reduce the stress your loved ones may suffer.
Find out how much you are covered for today
If you don’t know exactly what your personal insurance covers you for, contact xLife today on 1300 135 205. Contact us and receive FREE life insurance quotes and income protection insurance review today.
Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year’s life insurance premium.
October 2009
