Life Insurance provides a lump sum payout in the event of death. These funds can help to pay off/reduce debt i.e.
- mortgage
- bank loans
- pay for funeral expenses
- your childrens education
- enable business ownership (business continuity) to be restructured or to provide an inheritance
- donation
- or anything else you wish it to be used for.
Early payout for Funeral
Depending on the sum insured and the structure of an estate/trust it can take some time before the proceeds of a life policy can be legally released. To assist with immediate expenses while that process is completed, the Bereavement Support Benefit allows $10,000 - $15,000 (varies from each provider) of the Life Cover to be paid out immediately upon notification of death. This is where I can help sort this out for you.
When the news is bad
Most policies allows the Life Cover to be paid out early upon diagnosis of a terminal illness. This time will help you sort out your family/business situation.