What is life insurance?
Life insurance protects your family from the financial risk of your death. If you die while covered by life insurance, a lump sum is paid to your surviving family members (or anyone else you choose). This lump sum can help clear your debts and provide your family with a continuing income.
When will I use life insurance?
Life insurance is only paid out if you die. While some policies will pay upon diagnosis of a terminal illness, you generally can't claim life insurance for an illness or injury, no matter how serious. For these events, you should consider other forms of personal insurance like income protection, trauma and total and permanent disability cover.
How much life insurance do I need?
You need enough life insurance to clear your debts and give your family a continuing income if you should die. Your CRA adviser will help you work out how much this is.
How much does life insurance cost?
The cost of life insurance depends on the level of cover you need, your age, and a number of other factors. Your CRA adviser will compare products from different insurers to get you the best policy to suit your requirements at a competitive price.
How easy is life insurance to organise?
When you're a CRA client, we take all the hassle out of organising life insurance. We look after everything from initial advice to completing applications, to regularly reviewing your cover, especially if your circumstances change. If your family ever needs to make a claim, we'll help them through the process.