Start with your needs
For people whose dependants or financial commitments could be affected by their death.
- List dependants, ongoing household commitments and outstanding liabilities.
- Review existing personal and employer life cover and how long it lasts.
- Discuss an appropriate term and cover amount for your circumstances; there is no universal amount.
Next: send a short enquiry to begin a discussion about your needs and the applicable insurer process. No documents are needed for this initial enquiry.
Discuss cover for my responsibilitiesTerm Insurance — the details
Term insurance is primarily designed to provide life protection for a specified period. If a valid covered claim arises during that period, the applicable benefit is paid according to the policy terms.
Who Should Consider Term Insurance?
It may be particularly relevant if your family depends on your income; you have children; you have a home loan or other liabilities; you support ageing parents; or you are building long-term financial responsibilities.
How Much Cover Do You Need?
There is no single number that is right for everyone. Consider annual income, family expenses, existing loans, children's future needs, existing savings and investments, existing life cover and number of dependants. A conversation based on these factors is more useful than choosing an arbitrary amount.
What Should You Check?
Policy term; premium payment requirements; coverage; nomination; medical disclosure; exclusions; claim conditions; optional riders where available. Always disclose information accurately during the insurance application.