Life Insurance can seem complicated, especially as we age and financial priorities shift. At Golden Insurance, we’ve simplified everything so that it’s easier to understand. If you’re looking for a way to provide some financial support for your loved ones after you’re gone then you’re in the right place.
What is Life Insurance?
How Life Insurance typically works is you take out a policy with a benefit amount that suits your needs, and after you pass away your loved ones receive this benefit amount. It is often used to help with funeral costs or other expenses that your family may struggle to pay without you.
Golden Life Insurance is designed specifically for Australian residents aged 40-80. It can offer a straightforward way for you to have peace of mind knowing your loved ones have some protection in place to help ease the financial burden on them during a difficult time. It can help you provide financial support for things like mortgage payments, outstanding debts or even a gift for loved ones after you’re gone.
If you want to leave some financial help behind, Golden Life Insurance can help ensure a brighter tomorrow for your loved ones.
What are the Different Types of Life Insurance?
Life Insurance comes in different forms, with each type designed to suit different needs and life stages. Understanding the different options available can help you choose the right policy for your circumstances:
Term Life Insurance
This provides cover for a set period, such as 10, 20, or 30 years. If you pass away during your term, your loved ones receive a payout. However, once the term ends, cover stops unless you renew the policy.
Whole (of) Life Insurance
Due to the introduction of Compulsory Superannuation in 1992, this type of Life Insurance is no longer offered in Australia, having largely been replaced by Term Life Insurance. This type of policy offered lifelong cover and often included a savings or investment component.
Lifetime Policy
These types of policies, like Golden Life Insurance, are designed to provide cover for your entire life, as long as you continue to pay your premiums. Unlike Term Life Insurance, which only lasts for a specific period, a Lifetime Policy does not expire. This type of policy is ideal for those seeking lifelong coverage and the peace of mind that their loved ones will have some financial support in place when they pass away, regardless of when that might be.
Who Needs Life Insurance?
Life Insurance can be an important consideration for anyone looking to protect their loved ones from financial burdens if they were to pass away. Whether you’re paying off a mortgage, providing for dependents, or ensuring financial costs are covered, Life Insurance can offer peace of mind for many such as:
- Parents and Families: Ensuring some financial support for children and/or other dependents.
- Homeowners: Life Insurance can help protect loved ones from being saddled with mortgage debt.
- Seniors: Covering end-of-life expenses or leaving a legacy behind.
How Does Life Insurance Work in Australia?
Life Insurance works by having the policyholder pay regular premiums to put an insurance policy in place. In the event of the policyholder's death, a lump sum payment is provided to their beneficiaries or estate. This amount can cover funeral costs, outstanding debts, or even be used as simple financial gift.
With Golden Insurance, applying for Life Insurance is easy. Australian residents aged 40-80 can apply with no complicated forms to fill out, no medical exams or blood tests needed. Simply answer a few health and lifestyle questions and you’re all set. Everything can be arranged over the phone in just minutes.
How Much Does It Cost?
The cost of Life Insurance can vary significantly based on several factors, including your age, smoker status and the amount of cover you want.
With Golden Life Insurance, if you’re a non-smoker, you’ll enjoy lower starting premiums.1 You can also pay when it best suits you to fit your budget, with the choice of fortnightly or monthly payments available to you at no extra cost.
How Do I Decide How Much Cover I Need?
When choosing how much cover you may need, consider your financial situation and any debts or expenses you’d like your policy to address. For example, funeral expenses in Australia can vary significantly depending on the type of arrangement you’d like to have and the state where you live. These costs can range from $4,000 for a basic cremation to as high as $15,000 for a more elaborate burial. Make sure to take to take everything into account for any outstanding debts, such as mortgage payments, and consider if you’d like to leave a little extra behind to help support your loved ones.
Assessing the right balance for your own circumstances is so important. Depending on your age when you apply, Golden Life Insurance can provide up to $250,000 Life Insurance benefit paid straight to your loved ones, so you can help provide a brighter tomorrow.2
How are Life Insurance Claims Made?
When the time comes to make a Life Insurance claim, the process typically involves a few steps. Firstly, the insurance provider is contacted by the policyholder’s loved ones and provided with some key documents, such as death certificate, proof of identity and details of the policy. The insurance provider will then assess the claim to ensure everything is in order before paying the benefit amount to the nominated beneficiary, often as a lump sum.
At Golden Insurance, we understand that this is an already difficult time. This is why we’ve designed our claims process to be simple, and our Australian-based claims specialists will be on hand to help your loved ones when the time comes.
What Costs are Typically Associated with a Funeral?
Funerals and the associated planning come with several costs. The core expenses often include the services of a funeral director, who manages various aspects of the funeral, including transporting and preparing the deceased, arranging the ceremony, and providing support to the family. The choice between burial or cremation brings additional costs, such as cemetery plots, headstones, or crematory services. There can be so many things to consider. When you take out Golden Life Insurance, you will receive a free Will Kit to let your loved know your final wishes. This can help take some of the stress away at an already difficult time.
Funeral ceremonies can include costs for things like venue rental, officiant or celebrant fees, and various memorial items like flowers and printed materials. Other expenses include fees for obtaining death certificates, transportation of the deceased, and, in some cases, catering for post-funeral gatherings. Overall, the total cost can vary significantly based on location, cultural and religious customs, as well as personal preferences. So, it’s essential to plan and budget carefully to ensure an appropriate send-off.
Benefits of Golden Life Insurance
Golden Life Insurance provides several benefits for Australians who want to offer some financial support for their loved ones:
- Cash Payout: Up to $250,000 Life Insurance benefit paid to your loved ones (depending on your age when you apply), helping you give your loved ones a brighter tomorrow.2
- Terminal Illness Coverage: Get a 100% early pay out of your Life Insurance benefit amount if you are diagnosed with a Terminal Illness, to help you cover medical expenses or spend time with your loved ones.3
- Straightforward Claims: Our claims process is designed to be simple, and our Australian-based claims specialists are on hand to help your loved ones when the time comes.
- Immediate Cover: You're covered from day one for death and terminal illness, so you can get on and enjoy life.2
- Trust: Our customers can have peace of mind that Golden Insurance 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 Trustpilot.4
Make Your Golden Years Shine
Finding the right form of Life Insurance can seem confusing, but it doesn’t have to be. Golden Life Insurance can offer a straightforward way to help you provide some financial support for your loved ones, so you get on and enjoy life with one less worry.
If you have any questions, or would like to get a quick quote, our team of Australian-based Life Insurance specialists would be delighted to help. Simply give us a call on