Life insurance & wills

Life insurance

Life insurance provides some protection to your family or beneficiaries after you die by paying out a lump sum amount of money in turn for your premiums. There are also other options for income protection insurance, total and permanent disability (TPD) cover or trauma service for a critical injury or severe illness. You may already be covered for some of these types of insurance products by your superannuation company.

You may like to speak to a financial advisor to determine whether these products are appropriate for your individual situation.

It is important to check whether your existing or new insurance provider covers everything you want, including claims related to Covid-19 or the Covid-19 vaccinations.

The Australian Government Money Smart website has more information on life insurance to help you decide on whether it is right for you, including a life insurance calculator and a life insurance claims comparison tool.

Be weary of funeral insurance as this can often cost more in the long run than if you didn't have any insurance. Alternatively, you can look into prepaid funeral options or set aside some money into a savings account.

Preparing a will

A will is a legal document that outlines who you want your estate and assets to go to after you die, who you want to be the executor of your will and your funeral wishes. If you have children or pets it will also list who you want to be appointed as their guardians.

You may be eligible to seek free assistance in developing a will, such as through your union, bank, superannuation fund or via Centrelink for people who receive the Department of Veterans' Affairs or full aged care pension. You can have a formal will drawn up by a lawyer or you can develop your own, as long as it is signed by yourself and at least two witnesses who are not listed as beneficiaries. It is recommended that you still have a professional review your will to ensure it is complete and valid. Keep your will up to date, especially when new life events occur.

There are guidelines within each state of how your estate will be left in the event that you do not have a will.

Life insurance & wills

Preparing a will

A will is a legal document that outlines who you want your estate and assets to go to after you die, who you want to be the executor of your will and your funeral wishes. If you have children or pets it will also list who you want to be appointed as their guardians.

There are guidelines within each state of how your estate will be left in the event that you do not have a will.

NSW

ACT

QLD

VIC

SA

NT

WA

TAS

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Life insurance & wills

Preparing a will

A will is a legal document that outlines who you want your estate and assets to go to after you die, who you want to be the executor of your will and your funeral wishes. If you have children or pets it will also list who you want to be appointed as their guardians.

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There are guidelines within each state of how your estate will be left in the event that you do not have a will.

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