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Why do you and your family need life insurance?
You insure your car in case you're involved in an accident, you insure your home and its contents in case of fire or theft, you even insure your health in case you get sick – why then do only 31% of Australians have some form of Income Protection insurance*?
Cover for if you can't work, you're injured or you pass away
There are generally three kinds of insurance you can take out to help you keep up your financial commitments if you were sick, injured, or died suddenly. They are Income Protection, Accidental Injury and Life Insurance (also known as Death Cover).
If you can't work because you are ill or injured, Income Protection insurance could help you or your family cover some of the lost income while you recover so you can continue to pay the mortgage or rent, day-to-day living expenses, and other bills you might normally have.
Accidental Injury Insurance pays a lump sum benefit to you if you suffer one of the listed injuries, which includes fractures, dislocations, and loss of sight. This lump sum helps you cope financially by giving you money to pay for things like medical bills and day-to-day expenses.
When it comes to Life Insurance – also known as Death Cover – you'll probably need to have some hard conversations about the practical importance of being prepared for death. You might consider this by yourself or with your family. Either way, be practical about what will happen to your finances, and who will take care of them, after you're gone.
AAMI Life Insurance products, other than in some circumstances the Redundancy Benefit, are provided by either Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron) or by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). Both Asteron and TAL Life are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL companies use the AAMI brand under license. Redundancy Benefit issued on or before 31st March 2020 was offered by AAI Limited ABN 48 005 297 807, AFSL 230859 (AAI) trading as AAMI which is part of the Suncorp Group. New Redundancy Benefit policies and renewals offered from 1st April 2020 will be issued by Asteron Life and Superannuation Limited, ABN 87 073 979 530, AFSL 229880 (Asteron). Suncorp Group is a distributor of products issued by Asteron and TAL Life. The different entities of TAL and the Suncorp Group of companies are not responsible for, or liable in respect of, products and services provided by the other.
Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017, AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Products you must read the relevant Product Disclosure Statement.
*AAMI Australian Values report, 2013