Being married – what’s most important

Being married is one trigger for having Life Insurance for added peace of mind.

Margaret Rochford

19 February 2018 - 5 minute read

Having financial peace of mind is something that we all look for. Particularly if you’re married. Right?

Well, we asked over 1,000 people if they had Life Insurance, one of the best ways to ensure financial security if something does go wrong.

The results were surprising.

The 2018 NobleOak Life Insurance survey revealed:

  • 61% of married people have Life Insurance, TPD cover, Trauma cover or Income Protection Insurance, 6% per cent above the national average (55%).
  • 50% of divorcees or people who are separated are likely to have cover, and
  • 42% of single and 40% of widowers have cover

Finding that married people have a higher incidence of Life Insurance clearly illustrates the value they see in being covered. They see it as a necessary safety net if the unthinkable ever happened. And especially if the have children or are starting a family.

Having Life Insurance if you are divorced or a widower also makes sense as, you may be left with a depleted income. Life Insurance is an effective way of protecting your dependents against an uncertain future in the event of your death.

Do you have enough cover?

Many people have Life Insurance inside their super as one of the main benefits is it’s so quick and easy to implement.

The big drawback, however, is that you may be significantly underinsured. There are flexibility limitations and tax implications when accessing Life Insurance inside super. Also these types of policies have limited or no underwriting at the time you apply.  This means the insurer doesn’t ask many questions at the time you apply nor do you have to provide a health report from your doctor or a blood test.

When it comes to making a claim, you (or your family member) may need to answer more detailed health questions and supply a report from your doctor. This can slow the process down at a time when you may be emotionally distressed. Sometimes the claim may be declined due to adverse health factors or pre-existing conditions being discovered at the time of claiming.

Not sure what type of cover you need?

Buying Life Insurance can be complicated and if you’re not sure what type of cover you need and how much, you can use our online calculator. It only takes 5-10 minutes to complete and you’ll receive a personalised report at the end. And it’s free! Click here to start using the Life Insurance Calculator.


Pureprofile Research December 2017