Life insurance can prove to be quite complex and complicated to most. With all the types of insurance policies being offered in the market nowadays, it won’t come as a surprise that people would shy away from it.

However, if you can really take the time to sit and familiarise yourself with it, it doesn’t seem as complicated as you first thought it to be. For starters, despite the various insurance types in the market.

• Term Life Insurance – is a type of insurance that provides coverage at a fixed rate of payment for a limited period of time. As opposed to whole life insurance which has an investment component, term life insurance policy is life coverage only.

Which Life Insurance is the Best For You?

After looking into the different types of life insurance, the question now is: Which life insurance policy is the best? However, the answer is relative since each person has their own needs and budget.

Term life insurance, like BT Term Life Insurance, pays a lump sum to you or your beneficiaries in the event of death, or on diagnosis of a terminal illness. It can also give the cover you want for your family by paying daily expenses and mortgage.

Benefits of BT Term Life Insurance

BT Term Life Insurance can give you a sense of security knowing your family will be properly taken care of when you pass away. This insurance policy provides comprehensive cover which includes terminal illness benefit which pays you out if you have 12 months to live. It also provides counselling benefit which could prove helpful as your loved ones go through tough times.

In addition, BT Term Life Insurance also rewards its loyal customers with a Loyalty Benefit which pays an extra 5% to your insurance policy. Other key features of this product are as follows:

• Inflation Protection: This protects your policy against inflation in line with the Consumer Price Index.
• Guaranteed Renewable: This feature allows you to renew your policy for the term specified.
• Guaranteed Upgrades: Should there be any upgrades or improvements, you will be notified and can make the necessary upgrades.
• Financial Planning Benefit: This benefit reimburses you a maximum of $5,000 for getting financial advice after a benefit has been paid to you.
• Future Insurability Benefit: This allows you to increase your cover in the event of some life changes, such as marriage or the birth of a child without further medical proof.
• Terminal Illness Benefit: This pays you a lump sum equal to the amount of the Death Benefit upon diagnosis of serious or terminal illness.
• Death Benefit: This benefit will pay a lump sum to the named beneficiary upon the death of the insured.
• Funeral Benefit: This advances 10% of your Death Benefit of up to a maximum of $25,000 for the immediate costs of the insured person’s funeral.
• Counselling Benefit: This reimburses you a maximum of $5,000 for payment of up to 10 sessions of counselling after a benefit has been paid you.

Aside from the above mentioned key features, the BT Term Life Insurance has other optional benefits you can add as you deem necessary.

• Business Cover Benefit: This allows you to increase your cover in proportion to the growth of your business without further medical proof.
• TPD Benefit: It pays you a benefit in the event you become totally and permanently disabled. This benefit has four different types of product namely: own occupation TPD, any occupation TPD, home duties TPD, and general cover TPD.

BT Term Life Insurance has a range of extra benefits which could tailor your policy in accordance with your needs and budget. Since it is provided by Westpac, you can always rest assured that you will get value and security for your premiums.