Life Insurance Coverages in Houston
What does life insurance cover?
There are different types of life insurance cover. Depending on your circumstances you may need one or more of the following:
Life cover - also known as 'term life insurance' or 'death cover', pays a set amount of money when you die. The money will go to the people you nominate as beneficiaries on your policy.
Total and permanent disability (TPD) cover - pays a lump sum to help with rehabilitation and living costs if you are totally and permanently disabled. TPD is often sold with life cover.
Trauma cover - provides cover if you are diagnosed with a certain illness has a significant impact on your life, such as cancer or a stroke. It is sometimes called 'critical illness cover' or 'recovery insurance'.
Income protection - replaces some of your income if you are unable to work due to injury or sickness.
Accidental death cover - pays a set benefit if you die because of an accident (not from an illness or disease).
How much life insurance do I need?
To work out the amount of cover, consider how much money your family would:
- need - to pay your mortgage and any other debts, as well as child care, education and living expenses.
- receive - from superannuation, shares, savings and existing insurance policies, how much paid leave you have and what type of support your family could provide.
The difference between these is the amount of cover you should get.
Before you start comparing policies, check whether you already have life insurance through your super fund.
A licensed financial adviser can help you choose the right insurance cover for your needs. To find an adviser who can recommend insurance products, use the financial advisers register.
When to review your life insurance
Review your policies every time your income or your personal circumstances change to make sure you have the right type and level of cover.
For example, if you have children and a large mortgage you may decide you need more cover. Alternatively, if you've paid off your mortgage or no longer have financial dependants you may decide to reduce your cover.
Switching life insurance cover
If you decide to switch your cover to a different insurer, don't just look at the difference in premium. You should also consider the:
level of cover - will you get the same level of cover, and is this the cover you need? For example, if your current insurer covers any pre-existing conditions, will your new insurer do this as well?
waiting periods - do any waiting periods apply to different types of benefits with your new insurer?
If you switch to a different insurer, it is important to keep your existing cover until you have a new policy in place, so you're always covered.
Source:moneysmart.gov.au
Life Insurance Coverages in Houston
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