Not sure if you need life insurance? Find out how you can benefit from cover.
Whether you're young and single, just starting a family, or readying yourself for retirement it's important that you have the right level of life insurance.
Read on to learn some of the key benefits of life insurance and find out how you can benefit from cover. Or complete the contact form below to compare quotes from Australian life insurers.
Why should you buy life insurance?
There are two main reasons you may consider life insurance:
- To protect your family against any financial setbacks caused by your death
- Provide you with ongoing support if you're unable to work
Having a life insurance policy can help to ease the financial pain in an already stressful time. When taking out a life insurance policy, it's a good idea to factor in the various expenses you want covered. Common expenses include:
- Funeral costs
- Outstanding debts
- Mortgage payments
- Education fees for your children
Who might want to consider life insurance?
While life insurance can help a range of people, it's especially important for:
- Those with kids. If you have young kids who still have to be put through school and university you need to seriously consider having life insurance in place. In the event of your death the money paid out on the cover will go towards ensuring that your kids are still able to get a proper education as well as ensuring that there is enough cash for them to be brought up properly in a comfortable home with clothes, food, money for healthcare and all the other things that kids need as they grow up.
- People with debts. If you have a lot of debt the last thing you want is for your family to be left to deal with it all following your death. By taking out life insurance you can ensure that adequate money is paid out to clear your debts and sort out your financial affairs whilst also securing the financial future of your family.
- Main income earners. If you are a breadwinner in your household you need to ensure that in the event of your death your family do not lose their financial lifeline as well as a much loved member of the household. Taking out life insurance cover means that the loss of income will not have to be a big problem for your family so they will have one less thing to worry about at what will already be a very difficult time for them.
|Age||Life Events||Financial Obligations||Types of Insurance to Consider|
55 and Over
Finding affordable life insurance
There are a number of risk factors that you should be aware of when looking to take out life cover.
Your health plays a large role in how much your premiums cost. If your family has a history of hereditary disease or an above average BMI, you'll pay more for your life insurance than those with a clean bill of health.
An underwriter will also look at various lifestyle risk facts. If you regularly participate in adventure sports, smoke or drink heavily, you'll end up paying more for cover.
The age of the you take out cover will have a large impact on your life insurance policy cost. The younger you are when you take out cover, the less you'll pay.