Life Insurance for Couples
Insurance for whatever stage of life you're at
Protect the lifestyle you've worked hard to create
If you have settled down with a partner and are planning a future together, it makes sense to protect that future, especially if you are thinking about starting a family.
Whether you suffer an illness or injury that prevents you from working, whether you hurt yourself in an accident, or even if the worst should happen, insurance can help provide the financial security you and your partner need.
What cover might you consider?
You might get sick or injured and not be able to work
Getting sick or injured, could happen at any time. You could break your wrist falling off your bike on the way to work, you could break your leg in a car accident, or you could fall ill and have to spend time in hospital. If this were to happen to you and you had to take time off work, how long could you manage without an income coming in? You may have savings, but that money won't last forever. You may be able to rely on your partner's income for a while, but that could result in both financial and emotional strain.
You could leave your partner financially vulnerable
No one likes to think about death, however it is worth thinking about its financial implications. If you and your partner both work, it's likely you rely on both your incomes - to pay the bills, the rent or mortgage, the food and petrol costs, and the luxuries in life. If one of you were to die, could the other cope financially?
You could get injured in an accident
Accidents happen to everyone, no matter what their age. You could fall and break your arm on the way to the shops, you could fracture your hip taking a tumble, or you could break your leg taking the dog for a walk. Unfortunately, accidents happen all too easily. If you were to get injured in an accident, could you afford to take time off work? Could you afford the expensive medical bills?
Life Insurance through Superannuation – Is It Enough?
What is Life Insurance through superannuation? And how do you know if life insurance through superannuation is enough? Samantha Rush explains the basics of life insurance in these two videos.
What is Life Insurance through superannuation?
This means paying for Life Insurance with the money that sits in your super fund. You’ll generally get the default level of cover your super fund offers. You can choose this option through your employer or when you set up your super fund. As long as your employer, or you, contributes super to your account regularly, you will have some level of Life Insurance cover.
What am I covered for under Life Insurance through superannuation?
Life Insurance through a super fund usually includes one or more of three different kinds of cover:
- Death cover, which pays a lump sum or an income stream benefit amount to your beneficiaries if you die.
- Total and permanent disability cover, which pays you a benefit amount if you’re seriously disabled and not likely to work again because of this.
- Income protection to cover loss of income over a certain period if you can't work because of a temporary illness or injury.
How do I work out how much Life Insurance I need?
To get an idea of how much insurance cover you need, start by tallying up the total cost of the things you pay for that your loved ones would still need if you’re no longer earning an income.
This might be things like your bills, debts, mortgage, and personal loans. The total sum of these gives you an idea of the amount of cover your loved ones would need to continue to meet your financial responsibilities in your absence.
Try our life insurance calculator online now.
What’s the difference between my super Life Insurance policy and a policy through an insurer?
Life Insurance through an insurance provider is different in a few ways. Firstly, there can be more flexibility around the kind and level of cover available, meaning the amount you pay can be adjusted to increase or decrease the level of cover. Also, benefit amount payable to you or your family are usually delivered quicker by an insurance provider because they are passed directly to the beneficiaries rather than to a super funds trustee.
Is Life Insurance through super enough?
When thinking about Life Insurance, consider what you need cover for, the premium you can afford, and the benefit or limits you and your loved ones require to keep the lifestyle that you want. For example, if someone has an underlying medical condition they might opt for Life Insurance through an insurance company to make sure they’re covered in particular circumstances. On the other hand, another person might only need a benefit amount if they’re injured at work and can no longer do that job.
Try our life insurance calculator online now.
Life Stages & Events
Whatever stage of life you're at, Suncorp could help you plan for life's unexpected turns. See what some people in your stage of life buy to help protect themselves financially and why.
Need to talk?
Our friendly team of insurance specialists at our Australian based call centre can answer all your questions. Alternatively, if you feel your financial requirements are more complex and you require financial advice, you can turn to a Suncorp Financial Planner for help in assessing your risk and working out the cover that could meet your needs.