Personal or Business Life Insurance
It’s important to consider your situation when thinking about personal or business life insurance, but as life moves on you’ll find yourself increasingly responsible for others you’ll want to protect. Whether it is your partner, family, or employees, joint life insurance is worth considering.
Like families, businesses too can extend such a cover to their employees and loved ones.
What is life insurance for business? Just as the name suggests, this kind of insurance is usually provided by business owners to the workforce. This helps employees secure their family's future in case of demise. Hence a business life insurance acts both as an employee welfare measure as well as a magnet for team loyalty.
COUPLES LIFE INSURANCE
When you start as a young couple, the last thing you want to worry about is anything that could leave you or your partner in financial distress. Couples Insurance protects you from life-altering changes that could have a serious financial impact. Personal life insurance is the first stepping stone to a secure financial future.
If you’re thinking it’s too early for Couple’s Life Insurance, consider the cost-effectiveness of a joint policy and the larger and cheaper range of options available to you. Whether you’re de facto, married, or about to start a family, our guide will give some helpful reasons why Couples Life Insurance is worth considering.
FAMILY LIFE INSURANCE
Once a family of your own is involved, you’re naturally protective and wish for the best for your loved ones. Think about the financial distress on your family should anything happen to you.
We know choosing a Family Life Insurance policy isn’t easy, and we’re here to help you make a smarter decision. Our guide will help you figure out what you need to consider and give you peace of mind – quickly and easily.
LIFE INSURANCE FOR BUSINESSES
GROUP LIFE INSURANCE
We all want to protect our way of life and cover any unexpected happenings. As an employer or an organisation, you can provide a wholesale-cost Life Insurance policy to a group of individuals. Financially protecting your business and your employees is a natural choice – find out what you should consider when purchasing Group Life Insurance with our helpful guide.
Life insurance for business owners comes with many safeguards in place. As an owner, it’s not just your family alone but a whole group of people who depend on you for their daily living. Hence, it is indispensable and enable your employers to get the insurance that benefits both of you.
Not only is a group cover the go-to small business life insurance but it’s also highly cost-effective. Usually, group policies come with cost-effective premiums. In case your employee is absent from work or suffers debilitating injuries, they may receive certain payments from the insurance firm. For startups, new business premium life insurance could be the answer to your insurance challenges.
Wondering how many life insurance can a person have? More than one and you can claim them all if you follow disclosure norms. For all your business insurance and personal insurance queries, feel free to get in touch with us at 1800 765 100.
What percent of personal life insurance premiums is usually deductible?
Life insurance premiums are not generally tax deductible. Income protection premiums aid outside of super are generally tax deductible at your Marginal Tax Rate. Before entering into a new policy we always recommend a quick discussion with your accountant to make sure the polices are set up as intended. Generally speaking, lump some cover premiums like Life, TPD and Trauma are not tax deductible, but income protection premiums are.
What happens if life insurance company goes out of business?
This is an extremely rare occurance within the Australian life insurance market. What we do see in some cases is an insurance compant being purchased by a larger company. In this case, your policy terms do not change. Your policy will generally continue as it did prior to the takeover and you will be sent notification via the post regarding the changes in the back office.
What are the personal uses of life insurance?
Life insurance is primarily used to ensure that you do not pass on your debt to your financial dependents, spouse or children in the event that you pass away and are no longer able to earn an income. It gives you piece of mind that your family will be looked after financially if you are no longer there to provide for them. Setting up an estate plan and selecting your own sums insured means that you can choose where you would like the claim proceeds to be distributed and exactly how much.
What is business life insurance?
Keyman cover is generally speaking, when a company purchases a life insurance policy on the life of an owner, a top executive, or another individual considered critical to the business. In the event that key person is no longer able to work for that company, the beneficiary of the policy is the company itself. Indidual is the life insured. The business owns the policy. The business pays the premiums and gets paid the claim. The key person will however need to complete the application and sign off on the policy first.