As we grow older, build families and start businesses, we realise more and more how important life insurance is.
Whether it’s life cover, income protection or another form of life insurance, here’s six reasons why you shouldn’t put off getting cover this year.
1) You’ve got debt
Have a car loan? Mortgage? Credit cards? Think about what happens to that debt when you’re no longer around.
Will your loved ones be able to cover it, or will they struggle? Taking out life insurance now is a sensible way to look after your family’s financial future.
2) You’re not the only person who relies on your wage
If you’re the main breadwinner in your family, your children, partner or even your elderly parents may depend on your income.
Could they manage day-to-day expenses without you? And what about paying off any loans? If you financially support anyone, you need life insurance. Plain and simple.
3) You’re ready to make this a year of change
2020 wasn’t great. So, many people are making 2021 the year for positive change. Whether it’s getting married, having a baby or starting a business, big life changes mean big financial decisions.
Use this year to think about what your future looks like and protect yourself against the unexpected.
4) You could do with some peace of mind
The start of the decade gave us a pandemic, global protests and a whole heap of uncertainty, so we could all benefit from a little peace of mind this year. Taking out life insurance will give you exactly that.
5) Your super’s life cover… isn’t so super
Is life insurance included in your super? If it is, there’s a good chance that this one-size-fits-all policy won’t cover what you want it to cover. Even government body ASIC says some of the default life cover in super is poor value for money*.
Taking out a more comprehensive life insurance policy is one way to ensure you have a policy that fits your lifestyle and will pay out when you need it.
6) You may get sick or injured
Half of all Australians are diagnosed with cancer by the age of 85**, while one in two people report having a chronic disease^. And we’re still in the middle of a global pandemic.
It’s why taking out life insurance can help you and your family financially if you pass away or can no longer work due to illness or injury, even temporarily.
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LifeInsuranceComparison
.com.au's online quote comparison tool makes it easy to get quotes from 9 Australia's biggest life insurers
If you want security and peace of mind for you and your loved ones, life insurance could be one of the most valuable investments you’ll make this year.
Life cover can be surprisingly affordable if you do your research and compare policies.
It’s where Life Insurance Comparison comes in. Our experts make it easy, comparing cover from 10 of Australia’s leading life insurers to find the right policy that protects you and the life you’ve built.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.
*ASIC, Default insurance in superannuation, December 2020.
** Cancer Council Australia, Facts and Figures, Jan 2021
^ Department of Health, Chronic Conditions in Australia, Jan 2021