Types of Life Insurance
Xplore advisers can explain the different options below in more detail, and work with you to find a practical affordable solution that provides you and your family with peace of mind.
Term Life Insurance pays a lump sum in the event of death. When calculating how much that lump sum should be, you should take into account your level of debt, your family situation, and how much surviving family members would need, to live comfortably without you.
Total and Permanent Disability Insurance works in a similar way to Term Life Insurance, except that the policy pays out if you are ill and injured and can never work again.
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Income Protection Insurance replaces up to 75% of your income for a specified period if you are unable to work temporarily due to illness or injury. If you have debt and are reliant upon your income to meet loan repayments, this is a very important form of insurance to consider. The premiums are also generally tax deductible.
Trauma insurance, also known as Critical Illness Insurance, pays a lump sum if you suffer a defined illness or injury. The most common forms of defined illness are Heart Attack, Cancer and Stroke, although most policies actually list around 20 other conditions that are covered. This cover allows you to deal with a life threatening condition without the stress of financial concerns which might delay recovery.
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