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.
