How can life insurance help me?
7 October 2021
It doesn’t matter what stage of life you’re at – starting to pay a new mortgage, growing your family, or transitioning to retirement – life insurance can help give you some reassurance to live life confidently with the knowledge that your family and loved ones will have some financial support when you’re gone.
Starting a family
Family planning is a key transition point in your life. It’s not just about building a shared life with shared goals with your partner. If you’ve discussed growing your family and having kids soon, it also comes with added responsibility. You might want to start thinking about the financial investment and security of your children, from buying a bigger home and childcare costs to putting them through school. As a growing family, you will have others who will rely on your income and guidance to flourish in their respective lives. In such a situation, where others in your family depend on you for financial security, you might want to have a plan if something unexpected happens and you pass away or are diagnosed with a terminal illness. Does your family have a plan B to cover all the expenses and settle any debts when you’re not around?
Keeping the bills at bay
As you go through different stages in life, your lifestyle needs may also change. When you’re young, you might have education loans and car loans to pay off. As you get older, you might have saved enough for a deposit to buy your first home. From credit card debts to car loan repayments and a mortgage, you need to consider how these ongoing expenses will get paid after you’re gone. Do your family and loved ones have the financial resources to support them?
Unpredictability of life
If there’s anything the COVID-19 pandemic has taught us, it’s that life doesn’t always go according to plan. You might be fit and healthy one day, but uncertainty can strike at any time and it’s best to always be prepared.
As you transition through various life stages, the financial dependence of others on your income also changes. Whether it’s having kids, supporting your partner or caring for your elderly parents, there will be many people who will require your financial support at different points in time. This is a massive responsibility and you need to consider if these people who rely on your support can be financially independent when you’re no longer here. That’s why life insurance can be so important. It gives you reassurance and peace of mind that your loved ones will not be under financial stress when you pass away.
Help cover your future and loved ones
Life insurance is not something most people think about, but it should be. As we go through life and our responsibilities change, we realise there are different people who rely on us for financial security. Life insurance is a reminder to ensure that we help them and try to give them peace of mind that they will be looked after even after you’re gone.
- What to look for in a life insurance policy
- 3 types of people who should consider life insurance
- Should I wait to take out life insurance?
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.