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When you visit your insurance advisor to buy life insurance, there is an irony at play. Has it ever occurred to you that you as a person (i.e. personally) do not need life insurance? After all, of what use is a death benefit, when you are beyond the concepts of benefit and loss? You will not be around to receive the death benefit anyway. So do you actually need to buy life insurance? Yet, the fact is that life insurance is a necessity, especially in these days of uncertainty. You might not personally benefit from it. However, by having your life insured, you ensure that your family or your dependents do not suffer in your absence. Your dependents provide you with the main reason for purchasing a life insurance policy. Clearly, if you have no dependents, your assets will take care of any liabilities you owe. However, if you have dependents, you cannot afford to take their future for granted. You might be in the best of health with the best paying job on hand today. However, in the event of any contingency, you will leave your dependents without any support or anchor. In the event of any eventuality, your family will have to bear the bereavement. The added worries of their future financial stability will add to their insecurity. Compounding this situation further is the likelihood of your being the sole earning member of the family. For more than 27 years, Cover Australia has been specialising in selling life insurance products. These years of experience have helped us understand your needs better. It has also given us an unparalleled insight into providing you with products offering comprehensive insurance cover. Cover Australia does not believe in multiple insurance products. Offering several products complicates what must be a simple and straightforward decision. Therefore, our range of products remains restricted to just four. This enables you to choose the policy that works best for you easily. Consultations with your insurance advisors will help you understand the specifications of each product. Two of the most popular products we offer are disability insurance and income protection insurance. Interestingly, these products provide you with a benefit during your lifetime. Hence, you can purchase these even if you do not have any dependents. Income Protection insurance involves the provision of a replacement income. Insurers provide this cover in case you are unable to work because of an illness or an injury. Consider the situation where you suffer from a serious illness or an injury sustained through an accident. You would not be in a position to attend work. Therefore, how will you be able to manage your day-to-day expenses when you do not retain your earning capacity? You might have earned entitlement to some leaves during your employment. However, what happens when your period of convalescing exceeds your leaves? In this situation, you would lose your daily earnings with each passing day. In this situation, income protection insurance comes in handy. It provides you with an assured replacement income of up to 75% of your current income. This policy usually comes with a waiting period that ranges from two weeks to two years. During this period, the insurer will not pay any benefits. The longer the waiting period, the lesser your premium will be. Depending on the benefit period you opted for when purchasing the policy, you could enjoy the benefits of an assured income. Some insurance companies provide benefits until you reach the age of 70. However, most insurance providers only offer benefits up to the age of 65. You can contact your insurance advisor for purchasing this policy. The advisor will assess your needs and do a quick income insurance comparison, before offering you the appropriate levels of cover. Another policy that provides benefits during your lifetime is the Disability Insurance policy (also referred to as the Total and Permanent Disability Insurance). Under the provisions of this policy, the insurance provider will pay you a lump sum benefit if you suffer a disability that renders you unfit to return to work. The degree of disability will vary according to the injury or illness. Hence, you will need to gain a proper understanding of the provisions of this policy before signing the dotted line. The main function of insurance is to provide cover in the eventualities of life. The main motive of any insurance provider is to ensure that its clients’ interests remain protected at all times, when the policy is in force. Therefore, when you need complete protection and an assurance of the future, call us at 1300 366 817. Let the umbrella of Cover Australia shelter you from the storms that occur in life. Published at: