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Life insurance is a term used broadly for a range of insurance products

Updated over a week ago

Life insurance is a term used broadly for a range of insurance products, many of which can actually pay out whilst the insured individual is still alive.

Life insurance

Also known as death cover, this type of insurance typically provides a lump sum payout to a beneficiary upon the policyholder's death.

Trauma insurance

This covers certain medical conditions such as strokes, heart attacks and cancer, and is usually paid out in a lump sum to the policy holder to assist with medical and other living costs.

Total Permanent Disability insurance

You may also hear it referred to as TPD cover. This usually covers specific life altering injuries or illnesses that can see you totally and permanently disabled, and is usually paid out in a lump sum to the policy holder to assist with medical and other living costs.

Income protection insurance

Often referred to as IP, it can assist with lost income due to a range of reasons, depending on the terms and conditions of the policy. It's usually a set percentage of your regular income, which may be paid out in regular for the benefit period outlined on your policy - for example, a year, 2 years, or in some cases, until age 65 - or until you're well enough to return to work. It's designed to help you manage your regular living expenses while you get back on your feet.

Got a specific question? Andy, our helpful chatbot, is able to quickly search through our extensive list of articles and guide pages on a range of life insurance topics. Alternatively, check out our life insurance guides here.

Working with a life insurance broker can help you to find which coverage could best fit your needs. We go into more detail here.

Disclaimer:

Advizer Pty Ltd ABN 83 168 993 333 of 222 Pitt Street Sydney (Ph: 1300 904 624), trading as Life Insurance Comparison, owns and operates LifeInsuranceComparison.com.au and its associated website. Advizer Pty Ltd is an authorised representative of Alternative Media Pty Ltd (AFSL 486326). Our advice is general in nature which means it does not take into consideration your current objectives, financial situation or needs. Therefore, before acting on this advice, you should consider the appropriateness of the advice for your own circumstances. Compare Club compares selected products from a panel of trusted insurers. We do not compare all products in the market.For more information about our services, including how we are paid, please read our Financial Services Guide.

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