The policy owner - The person whose name the policy is in and to whom the benefits will be paid. In the event of your passing the people designated in your policy will receive the payout or otherwise it will go to your estate.
Read the life insurance guides from Rate Detective. These guides offer information on life insurance and all its details. If you are looking to purchase life insurance then these guides will help demystify the entire process, from determining how much you need through to the underwriting process.
The policy owner - The person whose name the policy is in and to whom the benefits will be paid. In the event of your passing the people designated in your policy will receive the payout or otherwise it will go to your estate.
Life insurance works by determining the health, lifestyle and the risk of the insured in order to determine the premium to pay for the insurance policy. Life insurance is paid every month in small amounts or as a lump sum.
There are 4 main types of Life Insurance however only term life insurance is widely available in Australia:
Term Life Insurance has become a popular form of life insurance because policy holders are covered for large benefits, in the case of death, relative to the premium that is paid.