What is Life Insurance?
Welcome to the first edition of NobleOak’s video series offering insights and expertise within Life Insurance. Here you will be able to view our latest video and learn more about the Life Insurance industry.
One of the questions we are asked regularly at NobleOak is: What is Life Insurance?
Life Insurance is an umbrella term used to describe the full range of insurance covers that are designed to protect you and your family in the unfortunate event of death, severe injury, or illness.
The purpose of Life Insurance is to provide you and your loved ones peace of mind by easing the financial burden should one of these situations ever occur.
Life Insurance pays out a sum or sums of money upon the death, injury or sickness– depending upon the type of Life Insurance cover you have
At NobleOak, we offer the four main types of Life Insurance:
- Life Cover (also known as term Life Insurance or death cover)
- Total and Permanent Disability (known as TPD) Insurance
- Trauma Insurance (also known as Critical Illness) Insurance, and
- Income Protection Insurance
No matter what stage of life you are at, Life Insurance is an important consideration in order to give you financial peace of mind if you were to pass away, or if you had to live with a severe injury or illness. You and your loved ones would have the reassurance of knowing that the mortgage and bills could be paid, plans for the children’s education would be secure, or funds would be available to maintain your family’s lifestyle through providing an ongoing income.
In fact, the funds in the event of a claim could be used any way you wish.
If you would like to know more about the different types of Life Insurance available, click here or visit the ASIC MoneySmart site.