When is the best time for you to look at getting life insurance?
Everyone is at different stages in their lives. When talking about Life Insurance and even Income Protection, there are some significant Life Stages that may call for a rethink in this area.
Buying a property
Property Investment is a popular way to grow wealth, particularly in Australia for many young people and families. It provides a place of comfort and a sense of accomplishment.
However, life isn’t always lollipops and rainbows, and sometimes takes a wrong turn by way of a sickness or accident, or a trauma. Things like mortgage repayments can cause financial stress in these situations. 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. This can be done through income protection of disability protection.
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 for you and your partner can protect you both in the future.
Although life insurance isn’t likely to be on your gift registry, it’s a good idea to start thinking about it by speaking to a life insurance broker, or visiting our website. 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 help secure the future you imagine for you and your loved ones.
You’ve 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 or Workers Comp, which isn’t the same as Sickness & Accident insurance
If you have known anyone on the public welfare system, it generally doesn’t support the type of lifestyle you may have been accustomed to in the past.
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.
The right life insurance policy can help 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 financially so you can carry on living the life you love.
To speak to one of our experienced Life Insurance Brokers, call 1800 674 435 or Email Us to ask any questions.