If you were to pass away life insurance pays a lump sum to your beneficiaries. In Australia life insurance is often called term life insurance because you are covered during the term of your policy (while you are still paying premiums).
Whilst covering death is the primary benefit of life insurance, the retail insurance policies that are on our approved product list also have additional benefits.
All policies have a terminal illness benefit where if you are diagnosed with a terminal illness with less than 12 months to live then the policy pays out immediately. Similarly, policies also come with a built-in funeral benefit, that may vary from policy to policy, but is typically has a minimum amount of $10,000.
You simply pay for premiums to be covered like you would with any other types of insurance like car or home. Once you stop paying you are no longer covered.
The retail providers on our panel are all guaranteed to renew your policy if you wish to keep paying your premiums (until the age of 99). You can cancel at any time, though.
