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Life insurance is no longer something to consider. It is a necessity that every family must discuss and contemplate upon. While this is the decision of the main income earner of family, he or she must consider the state of the family and their feelings towards this idea. Having said that, deciding to get a life insurance in Australia can be an easy process, but choosing the right type for you and your family’s future security can be a tough process because of the different types of life insurance plans. The first type is the Term life insurance plan. This is one of the more affordable policies because you are only insured for a set amount of time. Whether 10 years, 20 years or more, when the time expires in your policy, then so does your coverage and the premiums. You can choose to extend or renew the coverage, but this often results in higher premiums. Another type is the Total and Permanent Disability Insurance. If the insured becomes disabled and can no longer work and generate income for their family, the insurance company will provide support for the duration of the insured’s lifetime. Payments can be in the form of monthly support or a one-time lump sum. Superannuation is a type of life insurance commonly known as a pension fund. In Australia, employers pay a percentage of their employee’s salary into the pension fund of that person. This is the type of insurance guarantees that you still receive monthly payments even though you’ve retired because of old age. These are just the general types; it gets more specific as you pick and choose the coverage of your plan. With all the possible types of life insurance available, you need to select the one most applicable to your situation. If you work in construction or at a high-risk environment, then Disability Insurance could be the one for you. Otherwise, you can go to an independent agent or advisor to help you choose what’s best for you and your family.
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