When is a good time for you to get life insurance?

Bought your dream home, planning a family or about to start a new job? Whatever life stage you’re at, find out how you can protect the things you love.

Buying a property
Investing in a property is an exciting milestone for many young people and families. It provides a place of comfort and a sense of accomplishment.
However, in the event of life’s unexpected challenges, such as accidental injury or prolonged illness, mortgage repayments can cause financial stress. In these times, it’s important that financial obligations can continue to be met.
A good place to start is to assess your own personal situation and whether you and your loved ones could meet your mortgage repayments if you were unable to work.

Did you know: Buying a home is the second biggest reason people take out a life insurance policy

Getting married
Making a lifetime commitment to a partner is the beginning of new experiences with someone you love. In the partnership of marriage you will share many things, financials being one of them. From assets to debt, it’s important to consider how life insurance can protect you and your partner in the future. Although life insurance isn’t likely to be on your gift registry, it’s a good idea to speak to a financial adviser to review your and your partners’ financial situation. In the instance where you have shared financial obligations, it’s important to assess if you and your partner could maintain your lifestyle if one of you are unable to earn an income. 

Starting a family
Having children is one of life’s greatest gifts, and gives us the incentive to work to continue to build a future full of opportunity.  With children comes the responsibility of providing security for your family, especially in times of uncertainty or when unexpected life events happen. It’s important to acknowledge what the impact would be on your family’s day-to-day lifestyle if you didn’t have your income. With the potential to cover school fees, living expenses and the ongoing wellbeing of your loved ones, a life insurance policy can provide the future you imagine for you and your loved ones.

Did you know: 81% of people strongly agree that life insurance helps protect ones family¹

Starting a new job
You have scored your dream job or you’re embarking on a new business venture, which usually comes with a pay rise or increased responsibility. Companies and the government provide a certain level of cover in the event of illness or injury, however in most cases the cover provided through WorkCover and public welfare schemes don’t provide adequate protection. WorkCover only provides cover if you are injured at work, and not for any illness or injury sustained outside of work. As a state based system, the level of cover could also differ based on your location, so too will the included benefits.

A life insurance policy can protect your income and relieve financial stress if you find yourself off work for an extended period of time. More importantly you will know what you’re covered for, so there are no surprises when it comes time to make a claim.

Whatever stage of your life you’re at, make sure you protect it so you can carry on living the life you love.

As everyone’s life insurance needs are different, it’s also important to research insurance options and speak with a financial adviser to find an insurance product to suit you.

¹ Source:TAL Usage and Attitude Survey (September 2014)

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