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Life Cover Level

This simple guide will help you to make a decision on your level of life insurance

Working out how much cover you need

When deciding how much cover you may need it is important to consider every aspect of your life. The amount of life insurance cover required depends on your individual needs and circumstances.

These may include, but are not necessarily limited to, the following factors:

  • Whether you are single or married;
  • Whether you have dependants such as children;
  • Financial obligations such as a mortgage; school fees or personal loans;
  • Current and accessible income, assets and any savings that you have; and
  • Your lifestyle and how much money would be needed to maintain it (i.e. ongoing living expenses).
     

It is important to think about these and any other relevant factors when choosing your life insurance cover, to make sure it suits your needs.

The main questions you need to answer are:

  • How much money will my family need to pay off debts, such as mortgage, credit cards, personal loans?
  • How much money will my family need after my death to cover immediate expenses, like funeral expenses and unpaid medical bills?
  • How much money would my family need if I were to die or become permanently unable to work to maintain our current standard of living over the long run?
  • If I suffered from cancer, a heart attack or other critical illness, what kind of lifestyle changes would I want to make?

How much life insurance cover can you apply for?

The maximum Cover Amounts you can apply for are based on your current age. The Cover Amount of any Critical Illness or Permanently Unable to Work cover cannot exceed the Life Cover Amount. The minimum Cover Amount is $50,000 for Critical Illness cover and $100,000 for Life cover and Permanently Unable to Work cover.

HSBC Easy Life Insurance applications are subject to underwriting, acceptance is not guaranteed.

The maximum Cover Amounts you can apply for are based on your current age. The Cover Amount of any Critical Illness or Permanently Unable to Work cover cannot exceed the Life Cover Amount. The minimum Cover Amount is $50,000 for Critical Illness cover and $100,000 for Life cover and Permanently Unable to Work cover.

HSBC Easy Life Insurance applications are subject to underwriting, acceptance is not guaranteed.

Life Cover Levels

Your Age

Maximum Life cover

Maximum Critical Illness cover

Maximum Permanently Unable to Work cover

16 - 45

$1,500,000

$500,000

$1,500,000

46 - 55

$1,000,000

$500,000

$1,000,000

56 - 65

$500,000

Not available

Not available

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Allianz Australia Life Insurance Limited AFS Licence Number 296559, ABN 27 076 033 782 is the issuer of this insurance. HSBC Bank Australia Limited (HSBC) ABN 48 006 43 162, AFS Licence Number 232595 acts under a referral basis as an agent for Allianz, not as your agent. HSBC receive commission on these insurance products as a percentage of the premium paid for each policy ranging from 10% to 20%. A Product Disclosure Statement (PDS) for insurance products can be requested by calling Allianz on 1300 362 108 or from our website at www.hsbc.com.au. Any advice here does not take into consideration your objectives, financial situation or needs, which you should consider before acting on the recommendations above. You should read and consider the PDS before deciding whether to acquire any product mentioned. HSBC does not guarantee the performance of, or in any way stand behind, the provider of this product.