Life & Serious Illness

Take care of those you care about the most.

Nobody wants their ill-health or death to cause financial hardship for the people around them. With Life Insurance and Serious Illness Insurance, you can make sure your loved ones will be provided for well into the future.

Life Insurance (or Life Assurance) provides financial peace of mind after you’re gone, either by paying a lump sum to your loved ones or by clearing your debts.

There are 3 main types of Life Insurance

1. Mortgage Protection essentially clears your mortgage upon your death, so your dependents aren’t left with a financial burden. Over the years, as the amount outstanding on your mortgage reduces, so too does your cover and your premiums. It is the simplest and cheapest form of life insurance.

2. Term Life Cover is a life insurance policy which lasts for a set number of years. If you die within this time, a lump sum is paid out to your family (or whomever you choose). If you don’t die before the policy ends, no money is paid out. It’s another affordable form of life insurance.

3. Whole-of-life Cover will pay out a lump sum whenever you die, as long as you continue to pay your premiums. It is often used to cover funeral expenses. It is less popular than other forms of life insurance as it’s more expensive and the premiums tend to increase regularly.

With Serious Illness Insurance (also called Critical Illness), you’ll receive a lump sum payment when diagnosed with one of the diseases covered by the policy. This can help to cover health care bills, loss of earnings, or pay off debts.

The illnesses covered vary by policy but can include things like cancer, Alzheimers and heart attacks. How an illness is defined in the policy is very important, as some will not be covered until they are at a certain stage of seriousness. Illnesses caused by self-harm, addictions or refusal to follow medical advice are not usually covered.

Our advisors at Robertson Low will help you decide what cover you need, and make sure you get the best value from your insurance too. Make sure your loved ones are taken care of. Talk to us today about the future.

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