5 myths about life insurance
25 October 2021
Life Insurance can be complicated, which means there are a lot of misconceptions around it. Here are five of the most common Life Insurance myths, and the truth behind them.
#1: You don’t need to consider Life Insurance if you’re young and healthy
It’s easy to think that Life Insurance is only for older people. But everyone can benefit from at least giving Life Insurance some consideration.
If you have a young family and outstanding debt, you provide financial assistance to your ageing parents, or you’re otherwise relied upon by a loved one, Life Insurance may help to manage your bills and expenses if you become terminally ill or pass away.
#2: You can “set and forget” your Life Insurance
Your coverage should suit your circumstances. If you got Life Insurance when you first got married, you might want to review it as you progress through major life stages, such as the birth of your first child or the purchase of a new home.
This can help you avoid underinsurance, which could be devastating to your family if anything should happen to you.
#3: You don’t need Life Insurance if you have private health insurance
Private health insurance can help cover certain healthcare costs, but it can’t be used to pay your bills and debts the way Life Insurance can. Should you fall terminally ill or pass away, Life Insurance can help to maintain your family’s financial situation by providing some financial support.
#4: The Life Insurance you have through your super is enough
You might find that some Life Insurance is included in your superannuation. This may be sufficient, however you might want to assess if this actually provides the cover you need. Otherwise, you should seek out a Life Insurance policy to help cover the gap.
#5: Life Insurance is a rip-off
Paying premiums that you can’t immediately see the benefit of may not feel worthwhile. You may find it useful to bear in mind that Life Insurance can offer some reassurance should the unimaginable occur. Suncorp Life Insurance:
- can help you provide a financial safety net for your family
- allows for coverage up to $1.5 million, as well as Optional Illness Cover options, and
- helps enable your family to maintain their household and standard of living when you’re no longer around..
- Top tips when getting life insurance
- Why you might need life insurance if you’re young
- Buying funeral insurance: a step-by-step guide
Suncorp Life Insurance products, other than in some circumstances the Redundancy Benefit, is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL is not part of the Suncorp Group. TAL uses the Suncorp brand (part of the Suncorp Group) under license. Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017, AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Products you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is available on our website.