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Life Insurance

Does your family need insurance?

4 October 2021

Insuring your belongings is considered common sense. You get car insurance to cover yourself if there is an accident. You insure the valuables in your home by getting home and contents insurance. You even put a premium on your health by getting private health insurance. But there is one area many Australians still remain massively underinsured. And that gap is when it comes to life insurance and income protection.

Life insurance is not a topic that’s easy to bring up in conversation. It might be uncomfortable to discuss if there is a plan in case you were to pass away unexpectedly or get diagnosed with a terminal illness. But the uncertainty of life, including the experience of the recent pandemic has taught us that it’s better to be prepared. Knowing what you and your loved ones can do to avoid being overwhelmed by ongoing financial pressure in such a scenario is a conversation that’s worth having.

Have you considered what might happen if you’re unable to work or pass away?

In life, people go through many life stages. From getting married to buying your first home and growing your family. Every stage of life brings with it a degree of change. That means that even if your cash inflow and outflow is always changing based on our evolving needs. If you’re the primary income earner, it’s may be worth considering then, if something happens to you, how your family and loved ones will manage without that financial support?

Entering a new phase of your life is a good opportunity to take stock and pause to consider what you already have, and what your requirements in the future might be. If there is a certain level of cash outflow that needs to be there in order to maintain you and your family’s lifestyle, how will that be managed when you’re gone?

But it’s not just you. Even if someone dear to you, such as your partner passes away unexpectedly, that can cause immense financial stress. Especially if you both relied on a shared income to pay the bills and manage day-to-day finances. Suddenly, becoming a sole income earner that needs to honour long-term financial obligations, such as a mortgage, can be stressful.

Thankfully, there are options available to help you in these circumstances. Let’s see what these are.

How income protection can help you

What if you unexpectedly got seriously ill or injured and couldn’t work for a prolonged period? Sick leave entitlements from work may not be able to support you for the entire time that you are off work and focusing on recovering. If your recovery takes a while and you’re unable to work, you may require an alternate source of income to service your ongoing financial needs and support your family. That’s where income protection insurance comes in.

Suncorp Income protection insurance covers up to 75% of your average income over the past year, with a maximum payment of $10,000 a month while you focus on your recovery from serious illness or injury. There is no stipulation on how you should spend the money you receive. You can spend it on your health rehabilitation or pay the day-to-day bills, anyway you choose. Income protection can help to keep your life going while you focus on your recovery and wellbeing.

How life insurance can help you

Death is a difficult subject to bring up. No one wants to dwell on it as it’s uncomfortable to think about. But it’s helpful to plan for the unexpected and unforeseen. Suncorp Life Insurance provides a lump sum payment of up to $1.5 million if you pass away or get diagnosed with a terminal illness. Your loved ones can use the lump sum payment to settle pressing financial obligations and other matters in a time of grief and mourning. It also gives you some reassurance to live life confidently knowing that your family and loved ones will have some financial support when you’re not around.

Choosing the right policy for your circumstances

Remember that you’ll go through many life stages. Your lifestyle will also change with new financial commitments as you progress through life. The right policy should not only be suitable for your current circumstances, but it should also be flexible enough to change as per your needs as you go through life. When in doubt, always refer to the PDS.

Whatever you choose, ensuring it helps your loved ones when you’re no longer able to is important. If you’re ready, get a quick quote for income protection or life insurance online. Alternatively, give the Suncorp Life team a call on 13 11 55.

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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.