Usually low cost life insurance also known as term life insurance provides a lump sum benefit for a certain term usually to age 90.

It starts of cheap when you are young but as you get older the premiums will rise significantly in you later years from age 50 plus.

If you want your cheap life Insurance cover for the long term you should apply for a policy which has level Life Insurance premiums. Level premiums lock in your rate today for the term of the policy which most companies in Australia provide till age 65.

Your specialist Life Insurance adviser can provide a comparison to help you determine the cheapest policy for you either being stepped or level life insurance.

Years gone by insurance companies used to provide a cash payout at the end of the policy term but this Life Insurance were rather expensive and most people failed to make the payments long term so have now fallen out of favour.

Most people today prefer low cost life insurance policies.

Although in today’s environment most people prefer to use their superannuation fund to purchase their low cost life insurance policy. Or if your Super does not provide good quality Insurance benefits (and most don’t) you can generally roll over some of your super money to pay for your Insurance policies. Again this a specialist type of service and you should seek help from a qualified Life Insurance advisor.

Term life insurance is often a good option as you can buy the protection your need now when you need it most and as your age increases so too will the premiums but the need for Life Insurance cover may reduce.

However not all term life insurance policies are the same and can vary across insurance companies se we do recommended seeking an adviser to get professionally Life Insurance advice.

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