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Family Life Insurance

Family Life Insurance helps ensure your family’s financial security in the event your death or diagnosis of terminal illness. It is paid as a lump sum to the beneficiaries of your choice.

Do you need Family Life Insurance?

This type of Life Insurance is designed to cover the daily living costs of your dependants if you were to pass away suddenly, including food, clothing, mortgage, rent and education.

Family Life Insurance is most recommended when you are the main source of family income, as it will protect your children and other dependants from facing financial difficulties should you no longer be able to work. Family Life Insurance is also worth considering for the parent who is not the main breadwinner, as it can cover their contribution as family chef, chauffeur and caregiver.

When deciding the level of cover right for you, it is worth doing some calculations that take into account your family’s specific financial goals, such as paying off the mortgage and covering school fees.

Who is eligible for Family Life Insurance?

Family Life Insurance can be a cost-effective way to secure your family’s future, starting from just $1.50 a week. All Australian residents between the ages of 18 and 64 can apply. Family Life Insurance premiums can vary according several factors including:

  • Your age and gender
  • Whether or not you smoke
  • Your occupation

Most policies available are similar in their conditions and level of coverage and do not require medical or blood tests.

What types of Family Life Insurance are available?

Most policies offer a similar level of benefit and you can tailor a Family Life Insurance policy to suit your family’s specific needs, including the amount paid out to beneficiaries. If your family has young children, for example, the lump sum payout may need to be around 10-12 times your family’s annual taxable earnings to ensure their needs are met for some time after your death.

Choosing Family Life Insurance

Family Life Insurance is the best way to ensure your partner and children can continue to enjoy the lifestyle you have worked so hard to provide them, should the worst ever happen.

Wealth Smart understands that the process of choosing a family insurance policy that is right, not just for you but for those who depend on you, can be a daunting and time-consuming task. That’s why we are committed to making the job as easy as possible. We offer a straightforward, comprehensive, and objective comparison of Family Life Insurance options from leading providers so you can make an informed choice that suits your unique situation and budget. You will have peace of mind knowing your family will always be looked after.

Page last updated: January 14, 2015