Should I wait to take out life insurance?
8 October 2021
For many, life insurance is not something that’s top of mind. And why should it be? After all, you’re fit and healthy, have a job, are paying your bills and looking after your loved ones. Why would you even think about life insurance. It just feels like additional expenditure that you can do without.
But here’s where you’re mistaken. We’re living through unpredictable times. And if there’s anything living through this pandemic has taught us, it’s that we need to be ready for whatever life throws at us before it’s too late.
Is life insurance right for me?
Whenever something tragic and unexpected happens to our loved ones, we are usually caught off-guard. In that moment, it can be stressful and overwhelming to think about bills to pay and finances to manage. You may have dependants relying on your income, you want the reassurance and peace of mind that they’re able to settle any debts and pay the bills after you’re gone.
Life insurance can act as the financial support system for your family and loved ones if you pass away or are diagnosed with a terminal illness. Suncorp Life Insurance, provides a lump sum payment of up to $1.5 million, subject to eligibility criteria. So, you don’t have to pay more on premiums for benefits you don’t need.
The right time to get life insurance
Many people think that if you’re in the best of health, especially if you’re young, life insurance can wait. But this isn’t true at all. Life insurance is suitable for people of all ages, and particularly for those with young families. This is because when you’re in your late 20s and 30s, you make a lot of important, and big financial decisions, such as buying a house and growing a family. These are decisions that add to the monthly expenses.
And it is the financial impact of these decisions that will need to be considered. How will your young family and loved ones take care of themselves if you’re not around? Would they have sufficient savings or an alternate source of income to pay off loans and ongoing bills?
That’s where life insurance comes in. It can help ease the financial burden on your family when you’re gone with a lump sum payout of up to $1.5 million (subject to eligibility criteria).
Be prepared for the future
It’s no surprise life insurance may not be top of mind for young and healthy Australians. But the peace of mind it offers can be valuable and merits serious consideration no matter what age you are or what lifestyle you lead. We all want to give reassurance to our loved ones to live their lives confidently even after we’re gone.
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.