Life Insurance
Providing protection to your loved ones now and into the future should you pass away or become terminally ill.
What is life insurance?
Life Insurance provides a lump sum should you pass away or become diagnosed with a terminal illness. This cover is designed to provide for your financial dependents, replacing the income you would have otherwise earned but ultimately funds can be used for any purpose. Policies can be held through trusts, a company, superannuation or personally. The importance of your structure and beneficiary nomination cannot be overstated as this ensures the right amount gets to the right people in the right way.
Life Insurance
facts & figures
The below points are drawn from claims experience of Austbrokers Life from 1 July 2021 to 30 June 2022.
62
years
Average age
at claim
31
%
Paid under
terminal illness
56
%
Related to a
heart condition
$
338
K
Average amount
paid per claim*
*This figure has been reduced through inclusion of superannuation balances and pro-bono work.
More Information
Life insurance is commonly granted at an automatic / default level within a superannuation fund. Most funds will adjust this cover automatically with your age typically peaking at about $180,000 for 30 to 35 years old and reducing each year thereafter. Life insurance should be linked back to your needs and this most often includes your mortgage, other non-deductible debt, future education and child raising costs and providing for a spouse.
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We are one of Australia’s leading life insurance specialists, providing tailored advice to protect businesses, families and individuals.
Austbrokers Life acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the lands on which we live and work across Australia. We pay our respect to First Nations Elders past, present and emerging.
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