I really wonder why they call this life insurance because what it really is is death insurance. Pays a benefit in the event you die prematurely.
Term life insurance provides a lump sum money that family can use to pay out debt and mortgages, pay funeral expenses, finance future education for the children, estate planning needs and provide lump sums for widows to finance income needs.
Most policies have what’s known as a terminal illness benefit which means it will pay you a percentage of the insured some prior to death if you’ve been diagnosed with a terminal illness.
Term life insurance is generally not tax-deductible but self-employed people may be able to obtain a tax deduction by holding the insurance through their superannuation.
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