Pre specified Lump sum due to Death/terminal illness…
Pre specified monthly income due to death for a fixed period…
How much is needed?
for an example of lump sum and ongoing life cover you may need click on the link
Increase your chance of payout at claim time
The Average age of death is around 81 for a male and 83 for a female. The majority of people’s life/death insurance contracts will finish before they reach that age due to age related price increases, to escape price increases due to age and Inflation adjustments………………Did you know you can fix the price of cover to age 65, 70, 80, 90, or 100 to dramatically increase your chances of a payout?
A 2 tier structure for your life cover is a good idea
A) You could use Cash back life cover to age 100 to save for your funeral, and be covered while you save.
B) Take rate for age and level premium Life Insurance at the same time. Rate for age you can keep until you’re in your 50’s when the kids leave home as your needs should be less by then, or decrease it as it is not needed. Where The level premium life covers types will continue to the age you leveled it to (65 70 80 90 or 100) which will cover your longer term needs.
for example you could take out even a 3 tier structure
$300,000 temporary cover (rate for age or stepped) Short term
$100,000 level to age 70 or 80 payments longer term – cashflow
$30,000 with your premiums levelled out to age 100 to take care of the long term estate needs
Life Insurance Early payment feature If the life assured is suffering from a critical illness and are terminal ill, there could be an early payment if they are unlikely to survive 12 months.
Benefit is paid to the remaining policy owner(s)
Inflation adjusted option
Generally guaranteed renewable until age 100 once accepted into the policy
Premium payment structure options
Stepped option / Rate for age and Level Premiums(payments) options
Features and Benefits
Bereavement Support, Special events increase & Children’s funeral benefit
Future Insurability option