Life Insurance is a contract between an insurance policy holder and an insurer, where the insurer is contracted to pay a designated person a lump sum cash payment upon the death of the policyholder.
The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the premium; however in Australia the predominant form simply specifies a lump sum to be paid on the policy holder's death.
The advantage for the policy owner is "peace of mind", in knowing that the death of the insured person will not result in financial hardship for loved ones.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion.
Life-based contracts tend to fall into two major categories:
- Protection policies designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
- Investment policies where the main objective is to facilitate the growth of capital by regular or single premiums.
Life Insurance from Melbourne Financial Services* is a simple and cost effective way to protect families financially in the unfortunate event of premature death.
Apart from the emotional stress caused by the death of a loved one, little or no life insurance can plunge a family into a financial crisis from which they may never recover. A personalised risk management plan will provide a predetermined lump sum, payable in the event of death or terminal illness, which can be used to:
- Pay off debts such as mortgages, personal loans, credit cards, pay funeral costs and legal bills etc.
- Provide future schooling costs for your kids
- Provide a lump sum to invest, which will generate income for family living expenses ans security
Melbourne Financial Services* can provide advice on:
- Life Insurance Investment Products
- Life Insurance Risk Products
- Superannuation and Rollovers
- Managed Investment Schemes
- Retirement Planning
- Managed Investments
- Pensions and Annuities
- Social Security
- Estate Planning
- Debt Reduction Strategies
We will only recommend a product or strategy to you after consider its suitability for your individual situation and needs.* Please note that Melbourne Financial Services Pty Ltd is a sister company of Melbourne Insurance Brokers and Melbourne Financial Services Pty Ltd are Authorised Representative No 327 930 and 327 929 acting under authority from Synchron (AFSL 243313).
Please call us on 03 9686 0688 to discuss your Life Insurance requirements. Or please fill out our CONTACT FORM.