Get Free Quotes

Got a home loan? This is why you should also consider life insurance

Liam T.
Last Updated on 6 November 2020
13 min read
Share
Share

RELATED ARTICLES

25 November 2020 Beware the “junk” life insurance hidden in your super
18 February 2021 Born before 1970? Here’s how to cut the cost of your life cover premiums
6 November 2020 Got a home loan? This is why you should also consider life insurance
Family sit in their newly purchased house

Purchasing a home is a long term commitment – and an exciting one. When you get your keys to your new home, you’re probably not even thinking about mortgage payments. After all, you’ve already done the hard work, so there’s no way you’re going to default on them, right?

But what if something were to happen to you? Perhaps you have an accident and can’t work for a few months. Or get a serious illness, or worse.

This is where life insurance can be a sensible purchase. It ensures that your family is protected and your mortgage repayments are taken care of in a worst-case scenario.

Choose your age range.

I’m … years old

<35 Under 35
35-49 35-49
50-64 50-64
65+ Over 65

If you’ve got a good mortgage repayment rate or are comparing home loans, good work! You’re obviously a conscientious and astute home buyer.

So given how conscientious you are about your home loan, perhaps it’s time to consider smart ways to protect your family – and your home – in the event of illness, injury or worse.

Buying a home is the biggest purchase you’ll ever make and mortgage repayments take up a large amount of your income. It’s why it’s important to calculate what would happen if you could no longer rely on your paycheck.

This is where the Life Insurance Comparison team put in the hard yards to find the right cover for you.

What’s the difference between life insurance and mortgage protection?

Most mortgage protection policies will cover your home loan repayments in the event of illness, injury, death or unemployment.

That’s useful, but there are still other bills left on the table which need to be paid. This is where life insurance may be a better option. It does the same thing but offers you more.

It isn’t directly linked to your home loan and offers protection beyond mortgage repayments if you’re unable to work through illness or injury, even for a short time, or pass away.

How much does life insurance cost?

Everybody will have different needs and, naturally, different costs but there’s a number of factors that can affect your premium, including age, your medical history, your job and if you smoke.

That said, the relevant life cover can be surprisingly affordable. If your premium is at the lower end of the scale, it’s equivalent to the cost of one family takeaway meal per week.

Ready to protect your future? Click below to get started.

Choose your area.

Which area are you in?

WA SA NT QLD NSW / ACT VIC TAS

LifeInsuranceComparison
.com.au's
online quote comparison tool makes it easy to get quotes from 9 Australia's biggest life insurers

Compare quotes now
WA NT QLD SA NSW VIC TAS ACT

This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

So, why invest in Life Insurance?

Protect Your Loved Ones

Safeguard your families financial future by covering costs, such as those during a time of an unexpected loss.

Peace of Mind

Know your loved ones will be financially secure if anything were to happen.

Prepare for Unexpected Events

Rest assured knowing you have a contingency plan in case of unexpected events.

How Much Life Cover Do You Need?

We'll show you our best quotes.

  • $100K - $200K
  • $200K - $300K
  • $300K - $400K
  • $400K - 500K
  • $500K - $600K
  • $600K - $700K
  • $700K - $800K
  • $800K - $900K
  • $900K - $1M
  • $1M - $1.1M
  • $1.1M - $1.2M
  • $1.2M - $1.3M
  • $1.3M - $1.4M
  • $1.4M - $1.5M
  • $1.5M - $1.6M
  • $1.6M - $1.7M
  • $1.7M - $1.8M
  • $1.8M - $1.9M
  • $1.9M - $2M
  • $2M+
  • $100K - $200K
  • $200K - $300K
  • $300K - $400K
  • $400K - 500K
  • $500K - $600K
  • $600K - $700K
  • $700K - $800K
  • $800K - $900K
  • $900K - $1M
  • $1M - $1.1M
  • $1.1M - $1.2M
  • $1.2M - $1.3M
  • $1.3M - $1.4M
  • $1.4M - $1.5M
  • $1.5M - $1.6M
  • $1.6M - $1.7M
  • $1.7M - $1.8M
  • $1.8M - $1.9M
  • $1.9M - $2M
  • $2M+
Neos
metlife
integrity-life

These logos represent some of the brands that we compare, we do not compare all products in the market and that we are not recommending any of the brands displayed: you will need to talk to a financial advisor to identify the best product that suits your needs.

Get Life Insurance quotes some of Australia’s Top Providers

Compare some of Australia’s top life insurers with one simple form.

Get My Life Insurance Quotes
  • Financial Services Guide
  • Article
  • Careers

We do not compare all life insurers or products in the market. Any advice provided in this website is of general nature and does not take into account your needs, objectives or financial situation. You should consider the appropriateness of it (and any relevant product) before proceeding, and read the relevant Product Disclosure Statement for the product. For more information about the range of insurers, how Life Insurance Comparison works for you, and how we make our money (keep in mind our quotes are free for you to utilise), click here and take the time to read our FSG. The financial products compared on this website do not necessarily compare all features that may be relevant to you. Comparisons are made on the basis of price only and different products may have different features and different levels of coverage.