Life Insurance for Young Singles
Insurance for whatever stage of life you're at
Work Hard, Play Hard, and Cover Yourself
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.
We know you care about your health, your lifestyle, your independence and your future - the right cover can help you protect all four. While you may have few responsibilities right now, you should still be able to protect yourself financially. Don't let one of life's unexpected surprises derail your plans.
What cover might you consider?
You might get sick or injured and not be able to work
Bad things happen, however much we dislike thinking about it. You could take a tumble on the ski slopes, break your leg playing footy, get sick and have to spend time in hospital. If any of these things should stop you from working, how well would you manage without your income?
You might have savings or sick pay, but how long could you rely on them? What happens if they run out while you're still recovering?
You could get injured in an accident
While we may like to think we are invincible, the unfortunate truth is that we are not. Accidents happen all the time - whether you break your arm playing beach volleyball, dislocate your shoulder mountain biking, or burn yourself while cooking. These types of accidents can take time to heal. You may have to cover expensive medical costs, or have to take time off work. If you don't have a back-up plan, how do you plan to protect yourself financially?
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.