Term life insurance policies are designed specifically to protect your family in the event of your death. If you have a term insurance plan and something happens to you within the term, your beneficiary will receive the benefits.
If you are no longer there to support, buy the coverage you think your family needs. An increasing term insurance plan can be a great option where the increasing sum is assured annually by a specified amount.
A whole life insurance provides lifetime protection. In whole life insurance, as long as you live, the premium will remain the same. Whole life insurance provides a longer life cover whereas term life insurance provides high protection with low premiums. Term life insurance is ideal for people who need pure protection within a predetermined period.
Term insurance policies differ significantly from life insurance plans. Terms plans have a slight edge over whole life insurance policies. Term plans are the most affordable sort of life insurance, as they are low-cost and accessible.
Assess your financial goal and then choose a plan that matches and aims to achieve it. You can opt for term insurance plans like the iSelect Star Term Plan with return of premium, multiple payout options, option to cover spouse, increase coverage option, and tax benefits.