A life insurance policy is a guarantee on the life of the insured person. When the insured person dies, the insurance policy will give their beneficiaries a specific amount of money. The insured person makes a payment, known as a life insurance premium, usually on a monthly basis for a given period of time.
How do we know which life insurance policy is best for us? There are a few factors to consider like:
The type of life insurance
In Australia there are two main types of insurance offered by insurance companies.
Term life insurance policy
Term life insurance policies pays out to the insured person’s beneficiaries as long as the insured person passes away within the fixed term specified in the term life insurance policy. For example, a 99 year term life insurance policy would pay out only if the insured person passed away within the 99 years specified.
Select term life insurance
This is a type of term life insurance where the fixed term specified is usually only a brief five or ten years. As with the standard term life insurance policy, a 5 year term life insurance policy would pay out only if the insured person passed away within the 5 years.
Amount of life insurance coverage needed
The general guideline is between five and ten times your annual salary. But as stated, this is only a guideline. It's difficult to apply a rule-of-thumb because the amount of life insurance you need depends on factors such as your other sources of income, how many dependents you have, your debts, and your lifestyle.
The life insurance premium
The amount of the life insurance policy premium is usually determined by factors such as the age of the person, their gender, occupation, whether or not they smoke, medical history, along with the amount that is required to be paid out on death.
When choosing life insurance, use the Internet's resources to educate yourself about life insurance basics, find a adviser you trust, then have the policies he or she recommends evaluated by an online comparison insurance quote service or fee-only insurance advisor. The bottom line is that the average person does need life insurance and that cheaper doesn’t always mean better – make sure you shop around!
Wednesday, June 16, 2010
Best life insurance policies in Australia
Unfortunately, the best life insurance policies in Australia will vary as it depends on which policy is best suited to your needs. However thanks to the internet, buying and finding a life insurance policy which suits your needs has never been easier.
The good thing about buying life insurance online is that most life insurance comparison services are free. They can also compare a number of life insurance quotes at the same time, saving you valuable time.
Which companies compare the best life insurance policies?
Make sure you choose a reputable life insurance comparison service. A reputable life insurance comparator will compare Australia’s top life insurance companies and ask you a number of questions. The greater the amount of questions asked, the higher the chances you have of paying lower premiums.
Some of the top companies that an online comparator should compare include:
• AIA Insurance
• AMP Insurance
• Asteron Insurance
• Aviva Insurance
• AXA Insurance
• CommInsure Insurance
• ING Insurance
• Macquarie Insurance
• MLC Insurance
• Tower Insurance
• Zurich Insurance
Do the best life insurance policies offer discounts?
It really depends on the online life insurance comparator you go with, but many offer promotional discounts, either in whole or on the first month’s premium.
Some life insurance companies also offer discounts if your spouse also purchases a life insurance policy. This equates to a saving of around $5-$8 per month, which can equate to hundreds of dollars over the life of a policy.
Should I only buy the best life insurance policies?
At the end of the day it is your choice, however if you are in doubt you should speak to a qualified financial adviser. Most online life insurance comparison services will also have financial advisers available to discuss your personal situation. No matter where you buy life insurance from it pays to get sound financial advice.
Buying the right life insurance policy can save you money, as well as ensuring that your loved ones are cared for should the worst happen. Make sure you review your life insurance policy annually so that it is kept up to date, and to ensure that the level of cover you have is enough.
Save time and find the best life insurance policies in Australia
Using an online life insurance comparator can save you both time and money. Why not contact your local insurance comparator to discuss your needs and get some life insurance quotes? They can answer any questions or concerns you have, and can suggest a policy that is competitively priced to meet your needs.
The good thing about buying life insurance online is that most life insurance comparison services are free. They can also compare a number of life insurance quotes at the same time, saving you valuable time.
Which companies compare the best life insurance policies?
Make sure you choose a reputable life insurance comparison service. A reputable life insurance comparator will compare Australia’s top life insurance companies and ask you a number of questions. The greater the amount of questions asked, the higher the chances you have of paying lower premiums.
Some of the top companies that an online comparator should compare include:
• AIA Insurance
• AMP Insurance
• Asteron Insurance
• Aviva Insurance
• AXA Insurance
• CommInsure Insurance
• ING Insurance
• Macquarie Insurance
• MLC Insurance
• Tower Insurance
• Zurich Insurance
Do the best life insurance policies offer discounts?
It really depends on the online life insurance comparator you go with, but many offer promotional discounts, either in whole or on the first month’s premium.
Some life insurance companies also offer discounts if your spouse also purchases a life insurance policy. This equates to a saving of around $5-$8 per month, which can equate to hundreds of dollars over the life of a policy.
Should I only buy the best life insurance policies?
At the end of the day it is your choice, however if you are in doubt you should speak to a qualified financial adviser. Most online life insurance comparison services will also have financial advisers available to discuss your personal situation. No matter where you buy life insurance from it pays to get sound financial advice.
Buying the right life insurance policy can save you money, as well as ensuring that your loved ones are cared for should the worst happen. Make sure you review your life insurance policy annually so that it is kept up to date, and to ensure that the level of cover you have is enough.
Save time and find the best life insurance policies in Australia
Using an online life insurance comparator can save you both time and money. Why not contact your local insurance comparator to discuss your needs and get some life insurance quotes? They can answer any questions or concerns you have, and can suggest a policy that is competitively priced to meet your needs.
Women need life insurance too, not just men!
Underinsurance is a problem affecting all Australians. But women in particular are failing to protect themselves financially from the consequences of bad health.
Once upon a time life insurance was something you only considered for the main breadwinner. And with low workforce participation rates for women, that was usually the husband.
These days you would probably expect a more even balance. But you might be surprised by how little things have changed.
According to Rice Warner Actuaries, women make up only 15% to 20% of insurance cover. That’s despite making up 45% of the workforce.
And the gender gap for life insurance Australia wide doesn’t seem to be closing – in 2007 only about 1 in 4 insurance policies taken out were for women.
This is despite the fact women now earn 92% of male incomes – giving Australia one of the smallest gender wage gaps in the world.
It also suggests that the unpaid contribution of women, who are typically more likely to be primary carers for children and/or elderly relatives, is often ignored when it comes to insurance.
Single Women
Social trends indicate that women are staying single for longer than ever.
According to the Australian Bureau of Statistics (ABS), the median age of women marrying for the first time increased from 23.5 years in 1986 to 28 years in 2005. They also estimate that 26% of females will never marry.
This means more single women are earning significant incomes, and are often solely responsible for mortgages and other personal debts – putting the in a high risk category in terms of insurance.
Women with a Family
More women are combining primary care responsibilities with employment – demonstrated by the fact that 46% of women employed in 2003 worked part-time (as opposed to only 15% of men).
This highlights the growing need for personal insurance that covers both the financial and non-financial contribution women make to a household.
Insurance is also just as important for full-time home-makers, whose contribution is often just as expensive to replace if they get sick or injured.
Specific Types of Personal Insurance Available for Women
Select life insurance companies offer cover to meet the specific needs of women. These can include:
• Trauma Insurance
Trauma insurance is crucial for women in any life stage. It pays a lump sum benefit if you suffer from a medically diagnosed condition. The main types of medical conditions where a trauma insurance claim is made is heart attack, heart disease, stroke, and cancer.
With modern day technology available to detect early signs of cancer, treatment is often successful and there has been a much higher rate of survival. Trauma insurance can help pay for costly medical bills associated with treatment, and other costs like travel to and from treatment centers, alternative therapies, bills and living expenses.
• Trauma Cover with Baby Care Option
This type of cover provides cover for additional trauma conditions with benefits to help a family cope with the financial and emotional stresses of pregnancy complications. These can include things such as Complications of Pregnancy Benefit, Congenital Abnormality Benefit, and Death Benefit.
• Home-maker TPD
This type of cover is popular with women who are not in full-time work as it provides a lump sum of up to $1.5 million if the insured is permanently unable to perform normal domestic duties.
• Own Occupation TPD
For women who take time off work with maternity leave, some life insurance companies will allow the insured to retain their TPD definition even if the maternity leave is extended beyond 12 months.
• Child Cover
When children get sick or injured, it’s often their mother who takes the responsibility of looking after them. If that means taking time off work, this can increase the financial burden of childhood illnesses.
Some insurers offer cover for children over two years, and it is often premium FREE when added to a parents policy. It pays a lump sum if a child dies suffers one of a list of trauma conditions – helping a family cope financially during an already difficult time.
• Life Insurance
Life insurance pays a lump sum to your beneficiaries or your estate if you die. If you have any debt like a mortgage, or personal loans, life insurance is a must. Getting a number of life insurance quotes helps to ensure your financial burden isn’t passed onto your loved ones during a time of grief. Their financial future is secure, even if you are not there.
• Income Protection Insurance
Income protection insurance pays up to 75% of your salary from personal exertion should you become ill or injured and cannot work. Benefit payments are made after the selected waiting period, usually 30 days, however some waiting periods can be longer depending on your policy.
Sometimes called sickness and accident insurance, income protection insurance ensures your bills and daily living expenses are paid while you focus on recovering. You need to work at least 20 hours per week to be eligible for this type of cover, making income protection insurance suitable for part-time mums.
1 ‘Australians at risk’ – TNS/ Rice Warner, August 2006
2 OneCare policies written in 2007 by ING Life Limited
3 ‘Australian Social Trends, 2005’ – Australian Bureau of Statistics
4 ‘Australian Social Trends, 2007’ – Australian Bureau of Statistics
5 ‘Australian Labour Market Statistics, 2005’ - Australian Bureau of Statistics
Once upon a time life insurance was something you only considered for the main breadwinner. And with low workforce participation rates for women, that was usually the husband.
These days you would probably expect a more even balance. But you might be surprised by how little things have changed.
According to Rice Warner Actuaries, women make up only 15% to 20% of insurance cover. That’s despite making up 45% of the workforce.
And the gender gap for life insurance Australia wide doesn’t seem to be closing – in 2007 only about 1 in 4 insurance policies taken out were for women.
This is despite the fact women now earn 92% of male incomes – giving Australia one of the smallest gender wage gaps in the world.
It also suggests that the unpaid contribution of women, who are typically more likely to be primary carers for children and/or elderly relatives, is often ignored when it comes to insurance.
Single Women
Social trends indicate that women are staying single for longer than ever.
According to the Australian Bureau of Statistics (ABS), the median age of women marrying for the first time increased from 23.5 years in 1986 to 28 years in 2005. They also estimate that 26% of females will never marry.
This means more single women are earning significant incomes, and are often solely responsible for mortgages and other personal debts – putting the in a high risk category in terms of insurance.
Women with a Family
More women are combining primary care responsibilities with employment – demonstrated by the fact that 46% of women employed in 2003 worked part-time (as opposed to only 15% of men).
This highlights the growing need for personal insurance that covers both the financial and non-financial contribution women make to a household.
Insurance is also just as important for full-time home-makers, whose contribution is often just as expensive to replace if they get sick or injured.
Specific Types of Personal Insurance Available for Women
Select life insurance companies offer cover to meet the specific needs of women. These can include:
• Trauma Insurance
Trauma insurance is crucial for women in any life stage. It pays a lump sum benefit if you suffer from a medically diagnosed condition. The main types of medical conditions where a trauma insurance claim is made is heart attack, heart disease, stroke, and cancer.
With modern day technology available to detect early signs of cancer, treatment is often successful and there has been a much higher rate of survival. Trauma insurance can help pay for costly medical bills associated with treatment, and other costs like travel to and from treatment centers, alternative therapies, bills and living expenses.
• Trauma Cover with Baby Care Option
This type of cover provides cover for additional trauma conditions with benefits to help a family cope with the financial and emotional stresses of pregnancy complications. These can include things such as Complications of Pregnancy Benefit, Congenital Abnormality Benefit, and Death Benefit.
• Home-maker TPD
This type of cover is popular with women who are not in full-time work as it provides a lump sum of up to $1.5 million if the insured is permanently unable to perform normal domestic duties.
• Own Occupation TPD
For women who take time off work with maternity leave, some life insurance companies will allow the insured to retain their TPD definition even if the maternity leave is extended beyond 12 months.
• Child Cover
When children get sick or injured, it’s often their mother who takes the responsibility of looking after them. If that means taking time off work, this can increase the financial burden of childhood illnesses.
Some insurers offer cover for children over two years, and it is often premium FREE when added to a parents policy. It pays a lump sum if a child dies suffers one of a list of trauma conditions – helping a family cope financially during an already difficult time.
• Life Insurance
Life insurance pays a lump sum to your beneficiaries or your estate if you die. If you have any debt like a mortgage, or personal loans, life insurance is a must. Getting a number of life insurance quotes helps to ensure your financial burden isn’t passed onto your loved ones during a time of grief. Their financial future is secure, even if you are not there.
• Income Protection Insurance
Income protection insurance pays up to 75% of your salary from personal exertion should you become ill or injured and cannot work. Benefit payments are made after the selected waiting period, usually 30 days, however some waiting periods can be longer depending on your policy.
Sometimes called sickness and accident insurance, income protection insurance ensures your bills and daily living expenses are paid while you focus on recovering. You need to work at least 20 hours per week to be eligible for this type of cover, making income protection insurance suitable for part-time mums.
1 ‘Australians at risk’ – TNS/ Rice Warner, August 2006
2 OneCare policies written in 2007 by ING Life Limited
3 ‘Australian Social Trends, 2005’ – Australian Bureau of Statistics
4 ‘Australian Social Trends, 2007’ – Australian Bureau of Statistics
5 ‘Australian Labour Market Statistics, 2005’ - Australian Bureau of Statistics
How are term life insurance rates calculated?
Term life insurance rates vary between each life insurance company and you may ask the question why. One of the main reasons behind the differences is because each life insurance company will assess the risk of offering you life insurance differently.
Factors contributing to term life insurance rates
When calculating term life insurance rates, a life insurance company will typically look at your age, gender, and smoking status to help determine your premium. The life insurance company may also factor in things like your body mass index (BMI), occupation, lifestyle, and medical history.
Generally speaking, males pay for than females for term life insurance premiums; and smokers also pay more than non-smokers due solely on life expectancy. So the healthier you are, the lower your life insurance premiums usually are.
Are your term life insurance rates high?
If you believe your life insurance premiums are higher than the average person, some of the above reasons may apply – such as poor health or hazardous occupations and past-times
Another reason why your life insurance premiums could be higher than average, may be due to the company you bought the policy from. Ask yourself if your life insurance company asked you a lot of questions when applying for cover. If your life insurance did not ask many questions when you applied for cover, then they have not assessed your level of risk very extensively, possibly resulting in a higher premium.
No matter what the cause of your higher life insurance premiums may be, you usually have the option of obtaining another life insurance quote from a different life insurance company.
Be sure to compare apples versus apples as there can be big changes in premiums costs by not comparing like with like.
Compare term life insurance rates
When comparing life insurance rates, be sure to obtain a number of quotes. Apart from the final premium, you may like to compare definitions outlined in the product disclosure statement (PDS). You may also like to compare any built-in or optional benefits that may suit your situation.
One particular benefit which many people have found useful is the funeral advancement benefit. There are also benefits and clauses which may be valuable depending on your occupation. Again, you should read and compare the PDS for each company.
Term life insurance rates in Australia
Term life insurance rates in Australia do vary, and it is certainly worth your while obtaining a few quotes and making a comparison. You can choose to do this yourself, or have an online comparator complete this task for you. You also have the option of speaking to a financial adviser who can help you make an informed decision.
Factors contributing to term life insurance rates
When calculating term life insurance rates, a life insurance company will typically look at your age, gender, and smoking status to help determine your premium. The life insurance company may also factor in things like your body mass index (BMI), occupation, lifestyle, and medical history.
Generally speaking, males pay for than females for term life insurance premiums; and smokers also pay more than non-smokers due solely on life expectancy. So the healthier you are, the lower your life insurance premiums usually are.
Are your term life insurance rates high?
If you believe your life insurance premiums are higher than the average person, some of the above reasons may apply – such as poor health or hazardous occupations and past-times
Another reason why your life insurance premiums could be higher than average, may be due to the company you bought the policy from. Ask yourself if your life insurance company asked you a lot of questions when applying for cover. If your life insurance did not ask many questions when you applied for cover, then they have not assessed your level of risk very extensively, possibly resulting in a higher premium.
No matter what the cause of your higher life insurance premiums may be, you usually have the option of obtaining another life insurance quote from a different life insurance company.
Be sure to compare apples versus apples as there can be big changes in premiums costs by not comparing like with like.
Compare term life insurance rates
When comparing life insurance rates, be sure to obtain a number of quotes. Apart from the final premium, you may like to compare definitions outlined in the product disclosure statement (PDS). You may also like to compare any built-in or optional benefits that may suit your situation.
One particular benefit which many people have found useful is the funeral advancement benefit. There are also benefits and clauses which may be valuable depending on your occupation. Again, you should read and compare the PDS for each company.
Term life insurance rates in Australia
Term life insurance rates in Australia do vary, and it is certainly worth your while obtaining a few quotes and making a comparison. You can choose to do this yourself, or have an online comparator complete this task for you. You also have the option of speaking to a financial adviser who can help you make an informed decision.
Cheap term life insurance quotes can be found online
Cheap term life insurance quotes are one thing that many Australians can benefit from. There are so many term life insurance products that it can often be confusing trying to find the right one. But thanks to the internet, term life insurance quotes can easily be found and compared online.
When doing your research ensure you read sources from Australia, as the Australian life insurance industry is different to that of the U.S. and U.K. In Australia the only type of life insurance policy currently available is ‘term life insurance’, not universal or whole of life insurance.
Unlike foreign definitions, term life insurance in Australia refers to a life insurance policy usually held until age 99; where you remain covered as long as you pay your premiums. In the event of your death, your term life insurance policy pays a lump sum amount to your estate or to your beneficiaries, who are often your loved ones.
Finding cheap term life insurance quotes
Many online businesses offer deals on different types of insurance and cheap term life insurance is often one of them. With the Australian life insurance market becoming more and more competitive, you may find a number of cheap life insurance deals which offer comprehensive cover without compromising on quality of cover.
You may also like to look into TPD Insurance and Trauma Insurance. TPD Insurance pays a lump sum should you become totally and permanently disabled; whereas Trauma Insurance pays a lump sum in the event that you suffer a medical disease or condition as outlined in a product disclosure statement (PDS).
Comparing cheap term life insurance quotes
Here are a few things you should consider before deciding on which term life insurance policy to go with.
1. How much term life insurance coverage do you need?
2. Do you need TPD Insurance and/or Trauma Insurance as well? Would you prefer bundled or stand-alone policies?
3. Would you prefer to pay monthly or annual term life insurance rates?
4. Which life insurance premium structure would benefit you most, stepped or level?
5. Which life insurance company should you go with?
6. Will you need additional financial advice?
Cheap term life insurance quotes in Australia
The Australian life insurance market has closely shadowed the U.S. and U.K. where the many of their people often find and compare cheap term life insurance online. Online life insurance comparison services are in abundance overseas, and Australia is closely following suit.
If you prefer to pay for cheap term life insurance rates then doing your research well will pay-off in the long term. Use as many resources as you can to find and compare cheap term life insurance quotes. Term life insurance rates all add up and if you can save on your monthly or annual premiums then you could potentially save hundreds if not thousands of dollars over the life of your policy.
For competitively priced policies that meet your needs speak to your financial adviser.
When doing your research ensure you read sources from Australia, as the Australian life insurance industry is different to that of the U.S. and U.K. In Australia the only type of life insurance policy currently available is ‘term life insurance’, not universal or whole of life insurance.
Unlike foreign definitions, term life insurance in Australia refers to a life insurance policy usually held until age 99; where you remain covered as long as you pay your premiums. In the event of your death, your term life insurance policy pays a lump sum amount to your estate or to your beneficiaries, who are often your loved ones.
Finding cheap term life insurance quotes
Many online businesses offer deals on different types of insurance and cheap term life insurance is often one of them. With the Australian life insurance market becoming more and more competitive, you may find a number of cheap life insurance deals which offer comprehensive cover without compromising on quality of cover.
You may also like to look into TPD Insurance and Trauma Insurance. TPD Insurance pays a lump sum should you become totally and permanently disabled; whereas Trauma Insurance pays a lump sum in the event that you suffer a medical disease or condition as outlined in a product disclosure statement (PDS).
Comparing cheap term life insurance quotes
Here are a few things you should consider before deciding on which term life insurance policy to go with.
1. How much term life insurance coverage do you need?
2. Do you need TPD Insurance and/or Trauma Insurance as well? Would you prefer bundled or stand-alone policies?
3. Would you prefer to pay monthly or annual term life insurance rates?
4. Which life insurance premium structure would benefit you most, stepped or level?
5. Which life insurance company should you go with?
6. Will you need additional financial advice?
Cheap term life insurance quotes in Australia
The Australian life insurance market has closely shadowed the U.S. and U.K. where the many of their people often find and compare cheap term life insurance online. Online life insurance comparison services are in abundance overseas, and Australia is closely following suit.
If you prefer to pay for cheap term life insurance rates then doing your research well will pay-off in the long term. Use as many resources as you can to find and compare cheap term life insurance quotes. Term life insurance rates all add up and if you can save on your monthly or annual premiums then you could potentially save hundreds if not thousands of dollars over the life of your policy.
For competitively priced policies that meet your needs speak to your financial adviser.
Cheap term life insurance coverage in Australia
Term life insurance coverage is the main type of life insurance available in Australia. It refers to life cover which protects you usually till age 99, providing you pay all of your life insurance premiums on time.
Term life insurance pays a lump sum if you die, leaving money to your beneficiaries or to your estate. Most term life insurance companies allow you to make a binding death nomination which allows you to decide who your life insurance benefit payment should go to.
Do you need cheap term life insurance coverage?
If you were to suddenly pass away, would your loved ones be able to cope? Leaving your family with mounting bills and funeral costs is the last thing you would want to do during a time of grief. That’s why ensuring that you have adequate term life insurance is so important, it relieves financial strain when your loved ones are emotionally stressed.
You may think that you do not need term life insurance, however have you calculated the ongoing costs that your family incurs on a monthly basis? You should take into consideration things like your mortgage or rent, credit card bills, household bills and living costs. If you have any children you may even want to factor in things like education costs, childcare and baby sitting costs. All these things add up, and without your financial support your family could be left in a bind.
In light of these important points it makes sense to buy life insurance.
Where to find cheap term life insurance coverage
There are a number of ways you can find term life insurance in Australia. One obvious source is the internet. When searching online be sure to purchase your life insurance policy from a reputable business that compares Australia’s top life insurance companies. Doing this will help ensure that you are covered for the correct amount, as well as ensuring that you receive a competitively priced policy which may be cheaper compared to other policies out on the market. Talk to a financial adviser and ask them to put a quote together.
Applying for cheap term life insurance coverage online
When applying for life insurance online, be sure to answer all questions truthfully and to the best of your knowledge. Complying with your duty of disclosure is of most importance when applying for life cover and should not be jeopardized.
Cheap term life insurance in Australia
Even if you live in remote parts of Australia, you can now compare life insurance as long as you have internet access. The internet offers many term life insurance products, and depending on your circumstances you may even like to buy other personal insurance products like income protection insurance, trauma insurance or TPD insurance.
If you are unsure be sure to contact your financial adviser who can help make recommendations to reduce your level of risk.
Term life insurance pays a lump sum if you die, leaving money to your beneficiaries or to your estate. Most term life insurance companies allow you to make a binding death nomination which allows you to decide who your life insurance benefit payment should go to.
Do you need cheap term life insurance coverage?
If you were to suddenly pass away, would your loved ones be able to cope? Leaving your family with mounting bills and funeral costs is the last thing you would want to do during a time of grief. That’s why ensuring that you have adequate term life insurance is so important, it relieves financial strain when your loved ones are emotionally stressed.
You may think that you do not need term life insurance, however have you calculated the ongoing costs that your family incurs on a monthly basis? You should take into consideration things like your mortgage or rent, credit card bills, household bills and living costs. If you have any children you may even want to factor in things like education costs, childcare and baby sitting costs. All these things add up, and without your financial support your family could be left in a bind.
In light of these important points it makes sense to buy life insurance.
Where to find cheap term life insurance coverage
There are a number of ways you can find term life insurance in Australia. One obvious source is the internet. When searching online be sure to purchase your life insurance policy from a reputable business that compares Australia’s top life insurance companies. Doing this will help ensure that you are covered for the correct amount, as well as ensuring that you receive a competitively priced policy which may be cheaper compared to other policies out on the market. Talk to a financial adviser and ask them to put a quote together.
Applying for cheap term life insurance coverage online
When applying for life insurance online, be sure to answer all questions truthfully and to the best of your knowledge. Complying with your duty of disclosure is of most importance when applying for life cover and should not be jeopardized.
Cheap term life insurance in Australia
Even if you live in remote parts of Australia, you can now compare life insurance as long as you have internet access. The internet offers many term life insurance products, and depending on your circumstances you may even like to buy other personal insurance products like income protection insurance, trauma insurance or TPD insurance.
If you are unsure be sure to contact your financial adviser who can help make recommendations to reduce your level of risk.
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