What types of Life Insurance are there?
There are 6 main types of life insurance in Australia.
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Life insurance is there for you in life emergencies. Because there's more than one way in which your life can change unexpectedly, insurers offer specific policies for various different scenarios and needs. We've broken a few of the main ones down for you below.
|Type||Payment type:||Main purpose||Entry age (Next birthday)|
|Life cover (Death cover)||Lump-sum||Pays out to loved ones in the event of your death||18 - 79|
|Income Protection||Ongoing monthly benefit of up to 85% of regular income||Keep up with your expenses if you are forced to take some time out of work due to accident, illness or major trauma||18 - 64|
|Trauma cover||Lump-sum||Pays out if you're diagnosed with specific illness e.g. stroke so that you can focus on your recovery||18 - 64|
|TPD cover||Lump-sum||Payment to clear debts, cover medical costs if you become permanently disabled||18 - 64|
|Funeral Insurance||Lump-sum||Cover the cost of your funeral (up to $30,000)||18 - 79|
|Accidental injury or death||Lump-sum or income protection||Provides cover in the event of accidental injury /death (no sickness cover)||18 - 64|
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