What is Term Life Insurance?
In the event of your death or terminal illness, term life insurance provides a lump sum of money which can be used to clear debts and provide financial security for your family.
When taking out term life insurance, you should consider how the loss of either you or your partner would affect your family’s future. It’s important not to underestimate the value of a non-working or low income-earning partner, particularly if you have children or other dependants.
Term life insurance works by allowing you to nominate an amount that you’d like to insure your life for. This amount can be used to cover things like children’s education, debts, ongoing income for your partner and funeral expenses.
Who should consider term life insurance?
Term life insurance can be valuable in many stages of life, from when you’re just starting your career right through to retirement. But it’s especially important if you have major financial commitments, such as a mortgage or personal debts, or dependants. In addition to your children and partner, dependants may include elderly parents or a disabled sibling.
If you’re in a business partnership, term life insurance can offer a level of protection which can ensure that the business continues to operate if one person dies or becomes terminally ill.
How much does term life insurance cost?
It’s a good idea to take out term life insurance when you’re young and relatively healthy, as term life premiums increase with age and can be substantially affected if you have pre-existing health conditions when applying for cover. Applying for a quote now, rather than later, could really make a difference.
Whatever your age or circumstance, term life insurance premiums may not be as expensive as you think. Suncorp offers Life Protect Insurance, providing cover of up to $1,000,000, with premium rates starting from less than $3 a week*.
* Cover from $2.28 a week for $100,000, female aged 25-27 yrs old, non-smoker. Underwriting applies. Conditions, limits, and exclusions on cover may apply and are explained in the PDS. You have 30 days from the Policy Commencement Date to check that this insurance meets your needs. This is the 'cooling off' period