Life Insurance for married couples
Insurance for whatever stage of life you're at
Life insurance guide for married couples
With so much going on in your day-to-day life, whether it's work, play, travel or study, insurance can often be the last thing on your mind. For many, getting married means sharing everything – including finances.
You might have just taken on a mortgage, personal loans or credit card debt to cover the wedding itself. Perhaps you’ve already got children, or are planning to have a baby soon, and you want to takes steps towards protecting your new family’s future.
You know you want to give your husband, wife, boyfriend or girlfriend support should your income fall dramatically. But how do you decide what type of cover is best for you? Broadly speaking, there are two things you might want to initially consider:
The financial obligations that your partner will need to manage on their own if something happens to you.
Whether you're looking for cover that will help keep you and your partner afloat in the shorter term – when injury stops you working, for example – or cover to help provide for and protect them after you've passed away.
You might leave your partner financially vulnerable
Our life insurance policy - Life Protect - is designed to pay out a lump sum to you if you’re diagnosed with a terminal illness, or to your nominated beneficiary (e.g. your partner) in the event of your death.
The money could be used to help your partner get their life back on track, by going towards things such as:
- Immediate funeral expenses
- Mortgage or rent
- Food and groceries
- Petrol or other travel costs
- Credit card or other loan payments
- Utility bills
An illness or injury could prevent you from working
Income protection is designed to pay a benefit if sickness or injury prevents you from working, so you’ll still have some money coming in to help keep you financially in control. Covers up to 75% of your income (max $10K/month).
It’s about getting financial support to help keep up the lifestyle you’ve built together until you’re back on your feet. With a successful claim, the monthly benefits could be used to:
- Stop you having to rely entirely on your partner’s income
- Help you keep up with mortgage or rent payments
- Reduce the drain on your savings that might occur when trying to make ends meet
- Help cover everyday expenses like bills, groceries, and petrol
Life insurance is there to protect your loved ones if something were to happen to you, making it an extremely important part of planning for your family’s future. With the ability to shift with you through life’s big changes, life insurance can offer support to your family whatever comes your way.
The decisions you make today can make a difference to your family’s future. Part of this is making sure they have some financial cover should something happen to you.
By paying regular premiums, your chosen beneficiaries can access your life insurance lump sum payment if you pass away or are diagnosed with a terminal illness.
There are two common ways to take out life insurance - life insurance through superannuation or through a provider. There are key features of Life Insurance through superannuation, Premiums may be lower through your superfund and you may be guaranteed acceptance without medical or personal questions. But the benefit amount may be lower and it may not cover certain medical conditions. You may already have some life insurance through your super, so it’s worth checking. With a provider, like Suncorp Life Insurance, you are able to choose your type and level of cover, and adjust it as your circumstances change. Make sure you do your research before choosing what is right for you.
Key features through superannuation
- Automatic payments direct from your superannuation balance
- Premiums may be cheaper
- May offer automatic acceptance
- May not require medical checks for forms
- Payment may be delayed
- May not cover certain medical conditions
Key features through provider
- Flexible options for cover
- Personalised to your needs and budget
- Can update policy easily when circumstances change
- May receive the benefit faster
- May have limitations on the type of life insurance offered
Whether you’re growing your family, purchasing a new home or changing careers, life insurance can help cover your expenses, from your mortgage to a funeral, easing the financial burden on your family.
General advice only. You should consider if the advice is right for you and read the PDS available at suncorp.com.au/policy-documents before making a decision to buy or continue to hold a product. The Target Market Determination (TMD), where applicable, for the product is available on our website at suncorp.com.au/policy-documents.
This video is brought to you by TAL Direct Pty Limited 39 084 666 017 AFSL 243260. Products are issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life or insurer) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL Life is not part of the Suncorp Group. TAL Life uses the Suncorp brand under licence from the Suncorp Group.
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 your Financial Planner for help in assessing your risk and working out the cover that could meet your needs.