03 Apr The Only Reason Families Get Life Insurance…

Life insurance is peace of mind. Many clients say to me all they want is for their family not to suffer financially if they died. Even having enough money to pay for the funeral is a big priority for many people.

Although most families have large amounts of debt maybe a mortgage or business debt that they would want wiped. Some even want enough left over to be able to provide an income for their family for the next few years. They may have been the main income earner and have young children and spouse that they would be leaving behind that would still be dependent on requiring an income for a period of time.

However, Life insurance products have changed a little bit over the years. Many providers now offer more advance products than just a product that only pays out once you die. Now many or the life insurance companies have life insurance products that have a terminal illness benefit built in.

What this means is that if you are diagnosed as terminally ill you can get paid out before you die. This can be very powerful because it means you and your family will have money that may enable you to spend the last few months doing something special together.

All the debts can be wiped which will also relief some the financial stress but also enable you to have some financial choice in your final few months. Getting this early payment can help pay for some final important and treasured good times.

Also some providers now also have have other special extra built in benefits. For example AMP offer a life insurance product that if you live to age 100 it will pay back all your premiums. Also you can choose to have your premiums stop while still keeping the policy going at age 60 yrs and 70 yrs.

These are good option for people that use the types as benefits almost like a small investment. You can also level the premiums at inception so they never go up due to age and at some stage you might want to transfer the policy to a some or daughter and they will receive the money.

So there are a few options and choices you can make today even when dealing with a product as straight forward as life insurance. It really does depend on what you want. Its best to speak to an adviser so they can best help you.

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