Life Insurance

Life Cover – 3 Lessons to Ensure You’re Adequately Insured

Life Insurance by Life Stage

The choices you make today can impact your long-term health, wealth and happiness. Understand the important role Life Insurance can play in key life events.

One tragic moment can steer your life off course. But having adequate life insurance can help to steady the ship. Let’s learn more about it.

Life insurance is one way to help secure your family’s future in the event you pass away.

Sadly, many, many Australians don’t have life insurance, and many others are likely to be underinsured and not aware of this because they assume the life insurance cover often included in their Super arrangements is sufficient.

The sums they’re insured for may not be enough to cover all their unexpected expenses and commitments, and when they finally realise it, it’s often too late.

Taking out a suitable life insurance policy can save you from a lot of stress.

Here’s three lessons to help ensure you have adequate life cover:

Lesson #1 – Talk to Someone or simply go online

Unfortunately, people are easily put off by their anticipated cost of Life Insurance. They expect it to be expensive and therefore may not do their research. A simple search online or a telephone call can help you assess the costs and some of the available products within minutes.

In other words, preparing yourself today can help ensure that your loved ones aren’t significantly financially stressed in the future, should the worst happen.

Lesson #2 – Insurance Is All About the Future (So Think About It)

Before you opt for Life Insurance, you need to think about the future. Consider what happens to your loved ones when you’re gone. Try to figure out how much money they’d need.

First up, inform yourself about funeral costs and make sure you cover everything. Second, ensure that your loved ones will have enough funds to maintain a similar lifestyle after you’re gone. Also, consider any debts or other financial commitments which will need to be serviced. Lastly, always factor in the children when you take out a life insurance policy.

Lesson #3 – Reassess Your Insurance Cover

After every major life event, you may reconsider your life insurance coverage. Marriage, a new home, children, and employment changes are all things that shape your life and can certainly change your priorities.

Life Insurance Products – You Can Sleep Well When You’re Adequately Insured

Having the protection of adequate life insurance products – which could include one or more of Term Life insurance, Income Protection, Trauma and Total & Permanent Disability covers – can help give you peace of mind, even amidst tragic events.

So, should you consider Life Insurance? Of course. However, you need to consider cover that fits your current situation, keeping in mind that from time to time you should reconsider your needs as your circumstances change – in particular to take into account major life events.

Get a quote on our website and help secure you and your family’s future.

Resources:

https://sapience.com.au/blog/the-human-face-of-australias-under-insurance-problem#watch-the-real-life-story-of-emma-a-human-face-to-australia-s-underinsurance-problem
https://www.insure.com/life-insurance/life-insurance-underinsured.html
https://www.youtube.com/watch?time_continue=6&v=jSIv8QwKTgQ&feature=emb_title

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