Have Dependants
A partner, children or other dependants may rely on your income or support.
Life Insurance Advice
Life Insurance Advice Built Around the People Who Depend on You
Life insurance may help provide financial support for the people who depend on you if you pass away or are diagnosed with a terminal illness, depending on the policy terms.
Merit Life helps you understand how life insurance works, how much cover may be appropriate, and how it may fit with your broader personal insurance strategy. We are not an insurer or comparison website. Our role is to provide clear personal advice, not generic insurance quotes.
Clear advice to help you make informed life insurance decisions.
Understanding Your Options
What Is Life Insurance?
Life insurance, also known as life cover or death cover, generally provides a lump sum payment if the insured person passes away or meets the policy definition of terminal illness.
The payment may help your family manage financial responsibilities such as a mortgage, rent, household expenses, education costs, debts or future living needs.
The way a policy works can depend on the policy terms, ownership structure, beneficiary arrangements and whether cover is held inside or outside superannuation.
A Personal Approach
What Life Insurance Advice Looks At
Life insurance advice should begin with your responsibilities, not with a product.
Merit Life can help you consider a range of factors relevant to your circumstances. The aim is to help you understand what level and structure of cover may be suitable for you.
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Questions life insurance advice can help you explore
- Who depends on you financially
- What debts or commitments may remain
- How much income your family may need
- Whether you already have life cover
- Whether cover is held through super
- Who should own the policy
- How beneficiaries may be nominated
- Whether premiums are affordable over time
Superannuation Considerations
Life Insurance Through Super
Many Australians hold some life insurance through their super fund.
This can be convenient, but it is still important to understand the amount of cover, premium costs, beneficiary arrangements, policy terms and any limitations that may apply.
Cover held through super may work differently from personally owned cover, particularly when it comes to access, tax, beneficiaries and how benefits are paid.
There is no single right structure for everyone. Advice can help you understand which approach may be appropriate for your situation.
"Super-owned cover is not the same as personally owned cover. The structure matters."
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Is Life Insurance Relevant for You?
Who May Consider Life Insurance?
Not everyone needs the same type or amount of cover. Advice helps clarify what is relevant and what may not be necessary.
Have a Mortgage or Debts
Personal debts or a home loan could remain a significant responsibility.
Future Family Expenses
Education, childcare and other future costs may need to be planned for.
Main Income Earner
Your household may depend heavily on your income to maintain its lifestyle.
Business Owner or Business Debts
Business debts, ownership risks and succession needs may need to be considered.
Existing Cover Through Super
Cover held through super may not have been reviewed for some time.
Our Process
How Merit Life Helps
Merit Life provides personal insurance advice in a clear and structured way.
Understanding Your Situation
We look at your family, income, debts, expenses, existing cover and future responsibilities.
Reviewing Existing Cover
If you already have life insurance, including cover through super, we help explain how it works.
Considering Your Options
We help you understand cover amounts, ownership, beneficiaries, costs and policy conditions.
Providing Personal Advice
Where appropriate, we provide advice based on your circumstances, needs and priorities.
Supporting the Next Steps
If you choose to proceed, we can assist with the application, underwriting and policy setup process.
Frequently Asked Questions
Common Questions About Life Insurance
Life insurance is often referred to as life cover or death cover. It generally provides a lump sum payment if the insured person passes away or meets the policy definition of terminal illness.
This page provides general information only and does not take into account your personal objectives, financial situation or needs. Before making a decision about insurance, you should consider whether the information is appropriate for your circumstances and seek personal advice where required. Insurance cover is subject to product terms, conditions, exclusions, underwriting and insurer approval.