According to ChatGPT, the purpose of life insurance is:

“…to provide financial protection to the beneficiaries of the policyholder in the event of their unexpected death. Life insurance can help ease the financial burden on loved ones by providing a lump sum payment or regular payments to cover expenses such as funeral costs, outstanding debts, and ongoing living expenses.”

Life insurance policies are typically purchased by individuals who want to ensure that their loved ones will be taken care of financially in the event of their death. This can include parents who want to provide for their children, individuals with dependents, and people who have significant debts or financial obligations that would be difficult to meet if they were to pass away unexpectedly.

Besides life insurance, total and permanent disability (TPD), income replacement and sickness insurance may have a place in a person’s financial plan. As every individual has unique circumstances, customizing personal insurance to match is important. When providing life insurance advice, your personal circumstances are taken into account.

Wikifinance checks all major retail life insurers when quoting via Omnium’s software solution. No hidden incentives or bonuses are earned by steering new business to a particular insurer. This means cover is chosen on the merits of the policy only.