There are many reasons why people either avoid getting Life Insurance, or they let a policy lapse but more often than not it’s because we tend to think of it as a luxury item, because the true value of Life Insurance is often only seen when you need it.
But it doesn’t have to be that way. If Australians today start families later, carry large amounts of debt for longer, retire later and live longer, then the need for financial responsibility.
Some life insurance companies now make it much easier for their customers to continue their life insurance for the long term by offering the option of Level Premiums
A Level Premium is always calculated based on your age when you take out your policy. By contrast a Step Premium for the same cover increases over time as its based on your current age at renewal.
So, while a stepped preimium is appealling as the cheaper alternative at the outset, it can quickly become expensive as the years march on…..
Supplied by Brian Stanger (ARN 263621) Authorised Representive of SJP Insurance Services Pty Ltd
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