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Do I Need Term Life Insurance?


Policies like whole-of-life or endowment policies cover
the insured in the event of death. They also have a feature
that made them popular with previous generations: they have
a savings or investment element that has a cash or surrender value.
The amount payable on death or the age nominated under an endowment
policy will usually increase each year through bonuses.

In addition to cover for death or terminal illness, insurance is available
in the event you are permanently unable to work because
of illness or injury. Total and permanent disablement cover (TPD)
is usually added to a term life insurance policy for an extra premium.

There is usually no savings or investment component in term life insurance cover.
It is a little different to whole life insurance, which
is more expensive as it includes an investment element.

Term life insurance premiums are cheap when you are young, but start to rise
at age 35 and rise rapidly after about the age of 50.

You might be tempted to reduce the sum insured as you get older and
your liabilities decrease.

Whether you have such insurance depends more on your level of financial
commitments, rather than age.

Some companies offer term-life insurance based on a level premium
to age 65, which means you pay the same premium each year. The premiums
are higher in the early years when compared to the alternative
``stepped'' premiums, which change each year in line with underlying

Term life insurance with TPD policies are often best bought within the super
environment for an individual, though not if you are self employed
or own a small business.

The premiums are tax deductible in the super fund but not if bought

If your policy pays out a large invalidity component, the amount is
tax-free and doesn't count towards your reasonable benefit limits.

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