Life Insurance
  • Benefits of Life Insurance

The Benefits of Life Insurance

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When it comes to choosing a life insurance policy, there’s one thing most of us are looking for – peace of mind. When you secure life insurance, you want to know that the people you love the most will have some financial support when you’re gone. At Direct Cover, we’re dedicated to bringing you that peace of mind, and helping you protect the life you’ve built. But what are some of the other benefits of life insurance?

Protecting your loved ones

One of the key benefits, of course, is the financial security that life insurance can offer your loved ones. When you put your policy in place, you’ll decide on a benefit amount, which is the sum that will be paid out when a valid claim is made on your policy. This payout could help your family cover expenses such as outstanding debts, everyday living expenses, or funeral costs.

In Australia, the cost of living can be high, and a sudden loss of income can be devastating. Life insurance can provide a financial safety net, so that your family have one less thing to worry about at an already difficult time.

Protecting your mortgage

For many Australians, the family home is their most significant financial asset, and their mortgage is their biggest financial responsibility. Life insurance can be used to save your family some stress when it comes to managing the mortgage if you should pass away. Depending on your cover amount, life insurance could help your loved ones pay off the mortgage or keep up with repayments, so the family home can continue to stay in the family.

Future education costs

In Australia, an undergraduate degree could cost anywhere from $20,000 to $55,000. Needless to say, education can be a significant expense, and a lot of families find themselves saving diligently to provide their children with the best opportunities. If you hope to send your children to university, life insurance could help cover their tuition and living expenses if you were to pass away unexpectedly. So, with a policy in place, you can have some peace of mind that their dreams won’t be put on hold by financial woes.

Terminal Illness cover

Life insurance is about preparing for the unexpected, and it's an unfortunate fact that this can sometimes include a difficult diagnosis. With Direct Cover Life Insurance, you’ll get 100% of your benefit amount paid out early if you’re diagnosed with a terminal illness.3 Having this extra financial support can bring you and your loved ones some much needed peace of mind during a stressful time, as it can be used to cover medical expenses, replace an income, or simply make life that little bit more comfortable while you spend time with your loved ones.

Benefits of Direct Cover Life Insurance

Securing life insurance can bring peace of mind to you and your loved ones, but it can be difficult to decide on the policy that’s right for you. When you choose Direct Cover Life Insurance, here are some of the specific benefits you can look forward to:

  • Cash payout - Get up to $1.5 million life insurance benefit paid to your loved ones (depending on your age when you apply).2 It can be a simple way to help protect the financial future of the ones you care about most
  • Terminal Illness coverage - Get a 100% early pay out of your life insurance benefit amount if you are diagnosed with a Terminal Illness.3 This can help you cover medical expenses or spend time with your loved ones
  • Straightforward claims - Our claims process is designed to be simple, and our Australian-based claims specialists are on hand to help your loved ones with cover backed by an independent, Australian-owned insurer
  • Immediate cover - You're covered from day one for death and terminal illness2
  • Easy to apply - Australian residents aged 18-70 can apply with no medical exams, blood tests or complicated forms. Simply answer some health and lifestyle questions, and you're all set. You can arrange everything over the phone
  • Lower premiums for non-smokers - If you're a non-smoker you’ll enjoy lower premiums4
  • Pay fortnightly or monthly - Pay how it best suits you, choose fortnightly or monthly at no extra cost
  • Trust  - Our customers can have peace of mind that Direct Cover is part of a global network whose brands have been chosen by over 500,000 customers globally and are rated 'Excellent' by thousands of customers on Trustpilot1
  • Exclusive - Direct Cover Life Insurance is backed by an independent, Australian-owned insurer and is exclusive to us - you can't buy it anywhere else
  • Free Will Kit  - Let them know your final wishes, on us. Receive a Free Will Kit when you take out a policy

We know you’ve worked hard to build a life for your loved ones. When you place your trust in us, we’re dedicated to helping you protect the life you’ve built. With our simple application process and a friendly team of professionals ready to answer any questions you might have, you could get some peace of mind with Direct Cover today. Just give us a call on 1800 583 675, Monday to Friday from 8am to 7pm (AEST/AEDT), excluding NSW public holidays.

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1

Direct Cover is a trading name of Neilson Financial Services Pty Ltd (Neilson) ABN 52 668 314 896, AFSL 552284. Neilson is part of the Neilson group of companies whose brands have been chosen to protect over 500,000 customers worldwide and have been rated ‘Excellent’ on Trustpilot, an online platform for consumers to review businesses. For more ratings information, see https://www.directcover.com.au/awards-and-recognition.

2

From $100,000 up to $1,500,000 of cover available (depending on your age). The benefit amount will not be paid if you die or are diagnosed with a Terminal Illness3 as a result of an intentional self-inflicted injury or attempted suicide that occurred before the policy commencement date or within the first 13 months of the policy commencement date. Refer to the Product Disclosure Statement for full details.

3

Terminal Illness is as defined in the Product Disclosure Statement. Upon payment of a Terminal Illness claim, the policy and cover will end.

4

Premiums for a non-smoker are lower than for a smoker of the same age and gender, with the same benefit amount and accepted at standard premium rates. Direct Cover Life Insurance is an insurance policy and not a savings plan which means if your policy is cancelled, you will not get anything back (unless it is cancelled within the cooling off period). The total premiums you pay over the life of the policy could also be more than the benefits we pay out.