Term life insurance or as it is sometimes known as low cost life insurance provides protection for a specified period at an affordable cost.
It starts off cheap when you are young but as you get older the premiums rise significantly from age 50.
If you require your cheap life insurance for the long term you will be better off by applying for a policy that has level life insurance premiums. Level premiums are calculated on an average premium, meaning you might pay more while you are younger, but you pay a lot less when you get older. Level premiums lock in the rate for the term of the policy, and most Australian companies provide till age 65.
Our advisers can provide you with a comparison to help you find the best policy to suit your requirements.
The majority of people today prefer to take out low cost life insurance policies, and choose to use their superannuation fund to purchase their life insurance policy. However most super funds do not provide good quality insurance benefits and in this case you should consider to roll over some of your super money to pay for your insurance policies.
Please be aware that this is a specialist type of service and you should obtain advice from one of our qualified advisers.
Taking out term life insurance is a good idea, as you can buy the protection you require now. As you age so will your premiums increase.
But remember, not all low cost life insurance policies are the same and they may vary with each insurance company, so you really need to seek advice from a professional. Give one of our friendly consultants a call and let them guide you in the right direction.