All grown up: Millennials lead the pack in life insurance
Data suggests 30-34 year olds are most likely to have a life insurance policy in Australia.
Millennials might get some stick in the media for being financially irresponsible but it seems the majority are actually pretty savvy when it comes to protecting their family and preparing for a serious illness, critical injury or even sudden death.
In fact, multiple sources suggest Aussies in their early 30s are the most likely to have an existing life insurance policy or be actively looking to buy one.
Firstly, independent research published in NobleOak's 2020 Life Insurance Whitepaper found that more than half (54%) of 30-34 year olds have a life insurance policy. That's the highest percentage of any age bracket.
For those that didn't have a life insurance policy, perceived cost was a major factor. In the NobleOak Life study, some 30% of respondents said price was the main reason they didn't have cover. However, the cost of life insurance might not be as high as you think.
Finder crunched the numbers, looking at eight different insurance brands across Australia. For a non-smoking 30 year old with no pre-existing medical conditions, the average price of a life insurance policy worth $500,000 was just $7.38 a week. For a 40-year-old, the average price rises to just $9.45 a week.
For income protection insurance, the average weekly cost was just $8.48 for a 35-year-old office worker to protect 75% of their $4,000 monthly income. Again, that's assuming they don't smoke and have no pre-existing medical conditions.
Of course, those prices can vary significantly depending on a few different factors, including your job, smoking habits, pre-existing health conditions, and the payout you'd like to receive - but for many people, it's surprisingly affordable to get decent cover.
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