Life Insurance

We understand the importance of insuring your home or even insuring your pets, but the most important thing we recommend insuring is yourself to help protect your family in the event of any unfortunate circumstances. Northern Property Finance have years of experience in helping protect clients and their loved ones, and we want to identify how important it is to make sure you have the correct level of cover and the right provisions in place.

Life insurance can be used to cover your mortgage, you as individual or your family to ensure that when you pass away your loved ones will receive a pay out to assist with ongoing living costs. If you have family that are financially dependent on you, you can ensure they are covered should anything ever happen. Additionally, Critical Illness cover offer cover in the event of specified critical illness that may impact your daily life.

Additional benefits such as Fracture Cover are also available to cover you in the event of a specified fracture, dislocation, torn ligament or ruptured tendon. A lump sum payment is paid in the event of a successful claim. Our advisor can outline the additional benefits available to ensure you have the correct level of cover based on your lifestyle and occupation.

What types of life cover are available?

Life Insurance Cover

Life insurance is a policy that will pay out a lump sum if the insured person passes away or is diagnosed with a terminal illness within the term of the policy. Life protection can be a set level of cover that will pay out in full in the event of a claim know as a Level Term Policy. Should you opt for a Decreasing Term Policy, the level of cover would reduce each month over the term of the policy and only pay out the remaining amount at the time of a claim.

A life insurance policy can be used to cover the following:

  • Individual Protection – Protecting yourself in the event that you pass away, ensuring your loved ones receive pay lump sum pay-out.
  • Mortgage Protection – Your life insurance policy can be used to protect your mortgage in the event that you pass away. This will help assist your family in repaying your mortgage debt.
  • Family Income Benefit – This will ensure your family will receive a regular tax-free income benefit in the event that you pass away. Compared to life insurance that pays out a lump sum, a family income benefit can ensure a specified stable monthly income.
  • Whole of Life Insurance – Designed to cover you for the whole of your life which will pay out upon death. Compared to term life insurance policies, this policy will run for whole of life instead of expiring at a selected time, because of this however the premiums may be higher.

Critical Illness Cover

Critical illness will cover you in the event that you are diagnosed with a specified critical illness or terminal illness that may impede upon your daily life. Many providers cover for an extensive list of critical illnesses and our advisor will be able identify these definitions with you. Should you already have a life insurance policy currently in place, you can apply for Critical Illness as a standalone product to cover you in the future. Common critical illnesses covered include but are not limited to:

  • Parkinson's disease
  • Dementia
  • Stroke
  • Heart attack
  • Third degree burns
  • Heart valve replacement or repair
  • HIV/AIDS from occupation or accident
  • Kidney failure
  • Bacterial Meningitis
  • Benign brain tumour
  • Loss of limbs
  • Blindness
  • Loss of speech
  • Cancer
  • Major organ transplant
  • Coma
  • Motor Neuron Disease

Northern Property Finance specifically tailor your life insurance policy to suit you and your family’s needs. Our advisor will recommend cost effective and beneficial products based on your circumstances to ensure you are appropriately covered.

Give us a call today to discuss your options and arrange your life insurance, it’s such an important thing to consider and we’re here to help guide you through the process.