Life insurance is very important for people all over the world including in Australia because at the end of the day you don’t want to leave your family with the burden and stress of bills and responsibilities they are not prepared to cope with. You may have a decent savings account, some investments even trading accounts with a little stash of cash in them, maybe even a handsome retirement plan however in the event of your untimely death or premature death you want your family to be protected and have the assets they need to continue on in a way that would align with your wishes, right? That’s an excellent question one that is overlooked far too often these days as life insurance often takes a backseat in a difficult economy. However, no time is a good time to overlook life insurance in Australia along with the safety and well-being of your family.
Depending on your income or your specific needs there are several different life insurance plans that will work for you and your family at the same time there are numerous life insurance plans that won’t work and often if you speak to an uncaring salesman he is going to sell you the life insurance Australia that benefits him the most, not the one that benefits you the most. Unfortunately today many companies are far more concerned with lining their pockets than what actually works best for you and your family. How do you determine what plan works best for you? First, let’s discuss term insurance along with the pros and cons of this specific life insurance and whether or not it would meet your needs and the needs of your loved ones.
If you cancel your life insurance policy
If you’re concerned about providing funds for your extended family in other words perhaps you’re aging parents need some help as well as your direct family members like your wife and children a term policy of 10 or 15 years may work well for you. In Australia, there is no term or contract under which you are obligated to buy life insurance. When you stop paying your premiums – your life insurance stops. However, once your life insurance is canceled you’ll have to pay considerably higher prices if you decide to take life insurance again.
You also may have to take the physical examination all over again at the time you renew your policy so your physical health will have to remain the same but remember regardless of how healthy you are the older you get the higher the premium you’re going to pay for your life insurance so taking good care of yourself is an excellent idea but term life insurance is still running at you down the road.
Another great reason not to cancel your life insurance is your personal situation. Let’s say you’re in good health and decided to renew your policy, but while your policy was intact you’ve decided to take up skydiving or racecar driving, maybe even something along the lines of getting your pilot’s license. All these things are your activities and hobbies and are taken into consideration by the insurance company when renewing your life insurance Australia plan. So consider all these facts before you decide whether or not to cancel your life insurance.