You probably don’t want to think about illness or death until something happens to you.
And who can blame you? You’ve got way too much actual living to do! There’s no time to worry about that old chestnut…that old chestnut being the fact that you’re not invincible.
Or is there?
An important part of living your best life is preparing intelligently for the future. And if you can’t be a superhero forever in health, why not be a superhero to your family—or future family—and protect yourself while premiums are still as ripe as you are?
Lock in cheaper premiums:
Step 1: Select your current age below.
Step 2: Once you answer a few questions, you will have the opportunity to compare quotes from up to 9 of Australia’s largest insurers. You may also be entitled to a free consultation.
If you want to make sure a future partnership or family you create with someone is financially protected in the case of your unexpected death or illness, the message is loud and clear:
Putting off life insurance could be a massive mistake.
But what’s more…
If you know you would need financial assistance should a major health event ever strike, such as terminal illness or serious injury, then putting off life insurance could be an even bigger mistake.
Today, you can finally understand why.
What everybody forgets about life insurance
We recently consulted with one of our insurance specialist writers—Rebecca—a former life insurance agent for one of Australia’s leading life insurers.
Rebecca spent nearly a decade on the phone to Australians adamant they were too young and healthy—too ‘superhuman’ in other words—to bother with life insurance at their age. Years later, she would take their calls once again—this time, after they’d been diagnosed with a major health issue.
Surprise, surprise: they were looking for life insurance.
By then, these clients were normally married with a baby or two. But they hadn’t yet secured a financial safety net for their family. This, Rebecca noted, was a usual concern.
“Often, these clients wanted some kind of major illness cover or serious injury cover to help with their situation.
They didn’t have the money to cover the cost of living after falling ill. Nor did their spouses, who were busy looking after the kids…”
By then, it was too late, Rebecca explained. “The individual who was so ‘young and healthy’ years before was no longer eligible for comprehensive cover. They’d missed the boat. The application was rejected.”
Or, sometimes it was accepted, but with lengthy exclusions and a minimal chance of payout.
“If only they’d listened years before,” Rebecca told us.
We see it, too, when we follow up on old chats with our clients.
Sadly, this is a common situation. The reality is 1 in 2 Aussies get diagnosed with cancer by age 85*, while around 30% of stroke survivors are of working age**. Further to this, 65% of stroke survivors end up with a disability that leaves them unable to carry out daily living activities as they used to…
None of us are superhuman. But with a well-tailored life insurance policy, we can do something about it. We can prepare for the unexpected.
The benefits of getting life insurance young
Life insurance is normally a lot cheaper (and more comprehensive—meaning less exclusions) when you are young and healthy.
This means that as you grow older, your family and your ability to receive financial assistance for certain illnesses in the future, is already protected.
You may not have kids or a house yet…but is it a goal you’re shooting for in the future? If the answer is ‘yes’, locking in level premiums now means getting a far better price than you’ll ever be able to in the future.
If you stay with the same cover, you generally won’t need to redo a health and lifestyle assessment. This is another reason why premiums stay cheap if you lock them in while young, no matter how your policy is structured.
Can you afford to live without these living benefits?
If you’ve got a life insurance policy that covers major illness or injury, you can claim on this and get paid out should you receive a serious diagnosis or get into an accident.
There are cover types that protect you for these sorts of events, including trauma cover and income protection. Commonly covered health issues include:
- Heart attack
- Major organ transplant
- Parkinson’s disease
- Chronic disease (e.g. lung, liver)
- Alzheimer’s disease
- Serious burns
- Major head trauma
- Heart conditions
- Terminal illness
- And many more…
We don’t learn about it in school, but the truth is that life insurance isn’t just about death. It can be a chance to protect your quality of life for the future as well, depending on how you set up your policy.
Imagine the financial strain on yourself (or your future family) that an unexpected illness or injury could cause. We can’t avoid ill events from occurring, but a trauma or income protection policy can alleviate their outcomes.
Imagine: Hundreds of thousands of dollars of medical fees taken care of by a life insurance policy you set up in the past ‘just in case’…it almost sounds like divine providence, doesn’t it?
But that’s only one example of how the decision to take out life insurance when you’re young can have such a powerfully positive impact on your life.
You may think the life cover you have in your super will save the day, but the truth is…
Many people don’t even know what that cover looks like. It doesn’t always necessarily pay out if you haven’t set it up properly, and what’s worse—it can eat into your super while offering you nothing in return.
An ADL life insurance policy (a common TPD cover structure offered by superannuation providers) has a very low pay-out rate (over half of claims filed are denied). This is often the default cover type in super accounts, particularly if you are self-employed or run your own business.
It doesn’t need to be a head-ache
It’s not just the financial outlay that puts many young and healthy people off getting life insurance.
Sometimes, simply the effort required to get started is enough to put off an intelligent individual from getting cover. Nobody wants to read pages and pages of documentation (PDS) of mind-numbing insurance jargon, or spend hours over the phone answering invasive medical questions.
But it doesn’t need to be this hard.
You have the choice to leave it to the experts. After all, they know what you never knew about life insurance and can teach you what everything means in simple terms.
Best of all, they can swiftly set you up with a comprehensive life insurance policy in as little as 20 minutes. Once it’s set up, you can file it away and never worry about it again.
Because you know that should you get ill, injured or happen to pass away unexpectedly, you won’t be putting anyone else out financially. You’ve made that considerate step.
And what could be more superhero-like than that?
Why not get the ball rolling now?
As mentioned, the longer you wait, the more expensive life insurance becomes.
If you’re thinking of buying a house, having kids in the future, or simply want to protect yourself from any large medical expenses that could quite possibly arise, apply for life cover now and get the chance to lock in the cheapest possible premiums within a level structure.
Don’t wait until it’s too late. Get in while you’re fit and young! The reality is—things happen to the best of us…but only you get to decide whether or not you acknowledge this reality.
One day, it could change your life or the life of someone you love. Take the first step to protecting yourself and your family by clicking on your state below.
Get Started Now:
Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.