One of the more serious conversations that every Australian needs to tackle is about what happens to our families when we die. It’s especially confronting because (a) we have to face our own mortality and (b) we have to make peace with the fact that we’re not always going to be there for our loved ones.
This is where life insurance enters into the conversation.
What is life insurance?
Life insurance is an agreement that if you die, or are diagnosed with a terminal illness, a sum of money will be paid out to (typically) your spouse and children. You could also have this death benefit paid to other members in your family (e.g. parents, siblings, etc).
At a terrible moment in time, and going forward into the future, life insurance can help you be there for your family financially. That is the most compelling argument we can make to urge others to take out a policy.
What do I need to know about life insurance?
Taking out a policy is a big decision, so we’ve put together some information to help out.
- Everyone asks, “Do I need life insurance?” It’s a fair question, because your life insurance costs a lot of money over the years in insurance premiums. So, we’ve put together some compelling reasons why you should get insured
- You health will affect your life insurance. Cheaper life insurance is just one more reason (in a long list) to keep yourself healthy as you age. We explain how your life insurance is calculated, which will show you exactly why your health impacts your premium.
- How much life insurance do you need? If you did the sums, you’ll see that it does indeed work out to be reasonably cost effective to get insured. But, how much cover can you get for your monthly premium?
- You may already have life insurance through superannuation. Many Australians (roughly 70%, actually) have life insurance cover through their superannuation fund. Is this insurance sufficient for your needs, though?
And finally, if any of the language on our pages (or on other websites) confuses you, check out our glossary of life insurance terms. It should explain any jargon in simple to understand language. Hopefully, you’ll be a life insurance expert in no time, and be able to enjoy some peace of mind afterwards.
Try our life insurance comparison tool today to get a quote.