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Life Insurance Considerations

Though most of us worry about insuring our homes, possessions and cars, insuring ourselves is usually the last thing on our mind.

5 interesting facts about Australia:

  1. Almost 1 in 5 Australians will experience mental illness.
  2. Nearly 10% of full-time workers are unable to work due to chronic illness.
  3. More than 60% of Australians will be disabled for at least a month in their working lives.
  4. 13% of retirees report no main source of income.
  5. Over 200,000 Australians will suffer a stroke, critical illness or heart attack each year.

For many Australians, life insurance is part of a superannuation scheme, meaning that it will typically offer coverage that would not even pay the average mortgage.  Also, most people remain uninsured against loss of income, trauma and disability.

Life insurance will give your family some financial support if you were unable to provide for them.  They will receive a lump sum payment to help them cover costs like the mortgage, car repayments and everyday living expenses.

While you are doing a life insurance comparison, remember to take into account many factors when it comes to the needs of your beneficiaries. There are many different reasons why you should consider life insurance.  I have listed 5 reasons below.

  1. If you have any debt that you do not wish to leave behind for your family.
  2. You feel that your family would not be able to financially survive without your income.
  3. You want to have the expenses of your funeral covered.
  4. You have young children and you want to help cover the costs of raising them after you have passed away.
  5. You want your family to maintain their quality of life after you have passed away.


Let’s now look at the different life stages below.

Young singles

By getting a life insurance policy while you are young, you will be giving yourself security in case the unthinkable should happen.  If you do not have life insurance, think about what would happen to you if you become seriously ill or disabled and were unable to work.  Would you be able to rely on Government support? How will you pay for the portion of your medical bills that Medicare and private health insurance may not pay?


What would happen if you or your partner became seriously ill, disabled, or one of you suddenly passed away?  How would your household costs continue to be covered?  Be sure to put a safety net in place by getting yourself the best life insurance policy that will suit your family’s needs.  You just never know when the unthinkable may happen.


Now that your children have all left home and you have worked hard saving up for retirement, it is time to sit back and relax.  You have worked so hard saving up for retirement, but what would happen to your savings if something happened to you? Would you have to use your savings, or even sell your home, to pay for unexpected medical treatment?  Life insurance will help protect your retirement.

So, should you consider life insurance?  Yes, you certainly should!

Still have questions? Let's talk!

Confused? Not sure if this applies to your situation? Phone us on 1300 904 624 for some free, no obligation advice!

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