Life Insurance

What is Life Insurance?

Life insurance provides a lump sum payment for the life insured in the event of the death or diagnosis of a terminal illness. This is an essential form of insurance for protecting families and businesses, particularly in the event of the death of the bread winner. Typically the proceeds can be used to:

  • Pay off debts, credit cards and mortgage 
  • Pay school fees and child care
  • Pay medical and funeral expenses
  • Provide a capital sum to pay bills
  • Provide a capital sum to generate interest and income

For families with one income earner it is just as important to have this form of cover if there is another partner who is the primary care giver for any children. This ensures there are funds to cover child care, house keeping and the contribution of the care giver.

Key Issues to Consider

When selecting the right life insurance for your situation it is important to consider the following:

  • In most instances the amount of life cover in your employer superannuation fund is inadequate. It is based on a group scheme that may not reflect your personal needs.
  • How much insurance do you need? Most people under insure because they don’t complete a comprehensive assessment of their current financial position.
  • You must ensure there is correct ownership of the policy so you don’t inadvertently trigger a taxable outcome or make the mistake of having the proceeds go to an unintended third party.

Financial Life has a structured approach so you get the right policy, the right amount of cover, and the right ownership structure to deliver a suitable level of protection for you and your family. To find out more about life insurance please phone Adam Stewart on (07) 4639 1268.

Financial Life Pty Ltd (ACN 107614415) is an authorised representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee


Any general advice in this information does not take account of your personal objectives, financial situation and needs. Read the relevant Product Disclosure Statement before acquiring any product mentioned on this website.

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