Factors to Consider When Choosing a Life Insurance Policy

[seoxeee]

Although most Australians seem to be unaware that their superannuation includes a default life insurance, one survey revealed that 37% of families still have no life insurance.

In 2019, the Federal Government passed legislation that essentially cut off life insurance for super accounts that have been inactive for 16 months and that have never had balances greater than $6,000, and for Premium Finance Life Insurance  super account holders below age 25.

This means that by this time, hundreds of thousands of Australians would have lost their only type of insurance.

Life insurance could be a real lifesaver during hard times, and it's something worth some serious consideration. And if you're thinking of getting insurance, your first concern might be the right amount of insurance you need.

To know what factors you must calculate to get the right figure, we put together this short guide to help you make an informed decision.

Factors to consider for life insurance
People purchase life insurance for different reasons. This is why there are also specific types of life insurance, such as.