Life Insurance Information

When you fist investigate taking out a life insurance policy to cover yourself as the beneficiary or your wife and family as the beneficiaries all the legal 'mumbo-jumbo' can seem daunting. Here is a very brief explanation of some of the more common insurance classes that are used in Australia and most other countries around the world.

Firstly, an insurance policy is a contract between you and the insurance company you choose. When the insurance policy matures the beneficiaries will be paid out via a structured settlement even if it is paid as a lump sum payment.

It is a contract to pay which means the terms have already been structured into the policy maturity conditions.

Please be aware that each country has their own insurance statutes and laws and each insurance company have their own laws and by-laws governing all types of insurance policies in line with the country in which the insurance policy is applicable and then each company also has their own terms and Conditions applicable to each insurance policy. Read More