Steps to Find the Best Type of Life Insurance for a Young Family - Interview with Blogger Glowless
With so many different life insurance policies available from Australia's insurance providers, finding the right policy with features to match your situation is by no means an easy task. Each policy comes with it’s own set of features that will determine what consumers will and will not be covered for. Statistics have shown a vast underinsurance problem in Australia with many choosing to have protection for their car or home before themselves. The following interview is with blogger, writer, freelance makeup artist and full-time mum “Glowless” from Where’s My Glow? and explores some of the biggest issues/questions facing Australians looking to take out life cover.
- Could you provide just a bit of background on yourself?
- I’m your standard jack of all trades and master of none – a blogger, a writer, a freelance makeup artist and more, but above all I’m a stay at home mum to (currently) one.
- As an Australian mother, what are some of your general thoughts towards life insurance in Australia?
- I think life insurance is important for all families.
- Do you have life insurance? If yes, what made you decide to take out life insurance? If no, what has stopped you from taking out life insurance?
- I don’t actually have life insurance but my husband does. We considered that, should something tragic happen to me, he would be able to financially support himself and our son whereas if it was the other way around I would not be able to.
- With so many different types of life insurance and features available, is it confusing to know what you would actually be covered for and when a payout would be received?
- I find any type of insurance confusing! There seems to be so much fine print that you have to study with a fine tooth comb before signing on the dotted line… but that’s life these days so take a magnifying glass and you’ll be fine.
- If you have purchased life insurance in the past, how did you find this experience? Was it difficult to compare products?
- Comparing the main points of life insurance seems pretty easy, it’s the fine print that is much harder to compare. It’s where that magnifying glass comes in handy.
- What is it that you feel stops many families from applying for life insurance? Is it the cost? A belief that they do not need coverage?
- What stops us both having life insurance is the cost – although while I was working I did have the standard superannuation life insurance, now that I’m not in formal employment the cost is prohibitive for us both to have a policy.
- Do you feel life insurance is a topic most people try to avoid?
- Death is still taboo for many people, but luckily I come from a family who understand it’s just a natural part of the life cycle. It’s why we’ve all discussed organ donation, life insurance and wills.
- How do you feel about how life insurance is advertised in Australia? Is it effective?
- To be honest I’m not sure of how it’s advertised. All I seem to see is funeral plan insurance on TV!
- There has been a belief that Life Insurance companies neglect the female buyer when advertising their products. Would you agree with this?
- I can only assume on this, that any neglect of the female buyer would be because the self-view of the women. We tend to, in our at times martyr-ish ways, not believe we’re worth much financially – although when you start putting a price tag on a full time nanny, cook, cleaner, teacher, mediator, etc, it certainly adds up!
- Would you ever consider changing your current policy to find a more suitable policy at a more competitive price?
- We’re lucky enough that my husband works for a large company that has brokered a reduced rate for all employees for all sorts of insurance, so we’ve been unable to find anything cheaper!
Not sure what type of cover is most suitable for your family? It might be worth speaking with a life insurance consultant to help you find a suitable policy option. An insurance consultant will help you assess your situation to determine a suitable level of cover to take out and what additional features you could benefit from. Many policies will offer discounts for joint policies (if insuring your spouse) and also provide cover for your children. Once you have found a policy that you are happy with, a consultant will help you organise the necessary paperwork and submit your application.