Selecting the Best Life Insurance For You |Camori Investments

Selecting the Best Life Insurance For You

Selecting the Best Life Insurance For You

Life Insurance is confusing.

The industry has changed. We are bombarded with options to purchase policies online with a click of a button. Along with jazzy advertising campaigns showing our partners telling us to call this or that insurance company.

But what are we really getting?  What exactly does life insurance cover and is it the right option for you right now?

Traditionally a life insurance policy was simply a death policy. Meaning that in the event of your death, a lump sum payment is provided to the beneficiary you nominated on your policy. Generally, this is your partner or children to help with the financial obligations that your passing has left.

As the industry has changed, so too have some of the terms.  Today, the term ‘Life Insurance’ is the blanket term that covers five different insurance policies:

Life Insurance or Death Cover: The traditional death policy, paying a lump sum payment to your beneficiaries in the event of your death.

Total and Permanent Disability (TPD) Insurance: A lump sum payment if you suffer from a disability that doesn’t allow you to return to work either in your own occupation or any occupation.

Income Protection: Replacement of up to 75% of your income if you are unable to work due to injury or sickness. The payment is activated after a pre-selected waiting period and paid for a predetermined period of time.

Trauma Insurance: A lump sum payment if you suffer from a specified disability, sickness or injury as defined in your policy.

Funeral Insurance: Prepay the cost of your funeral now, so your family doesn’t have to.

Each policy has different relevancy for you depending on which stage of life you are at. In the table below we have made recommendations for which insurance policies are most likely to be relevant at each life stage.

Life Insurance Guide For Your Life Stages

Age Life Characteristics Insurance Recommendations
18 – 25 Starting work

No mortgage

No dependents

Income Protection
25-35 Mortgages

Children

Income increases

Income Protection

Life Insurance

35-45 Income increases

Mortgage decreases

Saving for retirement

Life Insurance

Income Protection

Trauma Cover

45-55 Children are older and more independent

Heading toward retirement

TPD Insurance

Life Insurance

Income Protection

Trauma Cover

55-65 Children are independent

Retirement is close

Wealth is accumulating

TPD Insurance

Life Insurance

Income Protection

Trauma Cover

Funeral Insurance

Camori Investments offers Life Insurance, Trauma Insurance, Income Protection and Total and Permanent Disability (TPD) Insurance and in many cases your premiums can be deducted from your superannuation.

Please note that before purchasing any insurance policy we recommend speaking to a Camori Investments insurance specialist to make sure you have adequate coverage to protect you and your family.

Camori Investments. Helping you select the best insurance for your needs.

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