Life Insurance

3 types of people who should consider Life Insurance

24 July 2019

Life Insurance is not a set-and-forget type of thing. Your policy should evolve and adapt as your life changes and your family grows. That’s why, similar to doing your tax and reviewing your financial strategy each year, it’s important to regularly review your Life Insurance policy to ensure you’re adequately covered.

While Life Insurance – such as Suncorp Life Protect – can provide your family with a payout in the case of your death or terminal illness, you may also consider having Income Protection – like Suncorp Income Protection – to cover you for serious illness or injury which leaves you unable to work. Having one or both may help your family stay on track financially if anything happens to you.

Starting a family

You’re about to start a family – how exciting! Well, there’s no hiding the fact that your life is about to change drastically. Having children will probably mean less nights out on the town and more nights at home watching Disney Pixar movies on repeat. During this time you may also experience the loss of an income (or part of an income) as you or your partner cut down on work hours to look after the little one, or you may need to add childcare expenses to your budget.

Now that you’re bringing a human into the world, it’s your responsibility to take care of them in any and every scenario. That’s why it’s important to think about Life Insurance and Income Protection at this stage in life. If something happens to you and you aren’t able to work or provide for your family, think about how your loved ones will cope. Having a plan in place will ensure they have enough financial support to cover everyday expenses like bills and groceries, as well as larger essentials like mortgage repayments and school fees. 

This is where Life Insurance and Income Protection can help. You may consider Life Insurance when having your first child, as well as each time your family grows, as a larger family will alter your coverage needs. There are a few different types of Life and Income Protection Insurance options and each have different features and terms. Find out what other new parents are considering for Life Insurance by checking out our Guide to Life Insurance for New Parents.

Buying a home

Whether you’re buying your first home, or a second or third property later in life, adding a mortgage to your debt puts a lot of financial pressure on your loved ones. If something happens to you, such as death or serious illness, how will your family get by without your income?

Life and Income Protection Insurance is useful to some people at this stage of life because it may help your family keep their home and still be covered financially in your absence. The first step is to work out how much cover you need now that you’ve got a mortgage in your life.

Established lifestyle

Major life events, such as having a baby or buying a house, might prompt people to think about Life and Income Protection Insurance. But another key stage in life to reconsider your cover is when you’ve got an established lifestyle. Perhaps you have kids at school, and maybe you’re part of the way through paying off your mortgage. By this stage, you and your family have established a certain standard of living, and you want to ensure things won’t change if something happens to you or your partner. 

Life and Income Protection Insurance for established lifestyles can help your family maintain their living preferences if anything happens to you. If you’re living a more established lifestyle, you can see what kind of Life Insurance products families with kids or empty nesters often use. You and your partner may also consider taking out Funeral Insurance, to protect yourselves against an unexpected dent in finances if something happens. Suncorp offers a 5% multi-life discount on Funeral Insurance if you purchase a joint policy. The multi-life discount doesn’t apply to the optional Accidental Death Cover.

While you may have some Life Insurance through your superannuation fund, it might not be enough to secure your family’s future. Get a quote for Suncorp Life Protect or Income Protection today – it’s quick and easy and you don’t need to complete a medical test to apply. For more details, you can speak to a Suncorp Life Insurance Specialist on 13 11 55.

Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product.

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