What is Life Insurance?
Life Insurance pays a lump sum of money if you pass away or become terminally ill. It is designed to help your family pay costs that you would have helped with if you were still alive.
Most people use Life Insurance for:
Ensuring funds to cover funeral expenses
Providing funds to their family after they've gone
Clearing debt such as credit card, personal loans, mortgage
Paying for childcare support if the person who passed away was the primary caregiver
Providing future financial support for their children
Some people who are terminally ill choose to access a portion of their life insurance to help with the cost of treatment or to tick experiences off their bucket list
Life Insurance benefits
Your family or nominated beneficiaries will receive a lump sum of money if you pass away.
Terminal illness benefit
Pays a lump sum if you are diagnosed with a terminal illness. You can use the money for your immediate care and help to plan a secure future for your family.
We will make an advance payment from your Life Cover when a life insurance claim is accepted. This pays for immediate expenses such as a funeral.
We will pay for your family to receive professional advice from an approved financial planner. This helps your family decide the best way to use the money they will receive.
We will pay to help with the cost of professional grief support during the grieving process.
You can choose to convert some of your life cover to a level premium Funeral benefit.
The above information is about the Asteron Life product on 19/03/2018. There are also optional benefits not noted here