Your EOFY Life Insurance Stocktake
Benjamin Franklin once said ‘nothing in life is certain except death and taxes’. And, while that’s a rather bleak outlook, he had a good point. So as the end of financial year rolls around again and you sit down to tackle your taxes, consider taking the opportunity to look at your Life Insurance policy too.
Here are a few helpful tips to get you started on your EOFY Life Insurance Stocktake.
Know what your cover includes
Life Insurance is a big deal, so it’s worth taking some time to think about it carefully. It’s designed to protect your loved ones financially if anything happens to you, such as death or terminal illness. If you’re not sure exactly what Life Insurance is, here’s a quick summary of the different types of cover that generally fall under this category.
Life Insurance – such as Suncorp Life Protect – provides a lump sum payment to your family if you pass away or become terminally ill.
Income Protection – such as Suncorp Income Protection – covers part of your monthly income if you are injured or sick and can’t work. (Top tip: the perk of having Income Protection insurance at tax time time is that you may be able to claim the cost of premiums on your tax returns.)
Suncorp Funeral Insurance provides a payout to your family within two business days after a claim has been approved. This means the cost of your funeral can be covered for between $5,000 and up to $30,000 (depending on your level of cover).
Accidental Injury Cover – like the Suncorp Accidental Injury Plan – is designed to help you out financially if you experience a serious injury, such as a fracture or loss of sight. It can provide a lump sum payment to help you pay for immediate expenses – such as help around the house – while you rest up and get back on your feet.
If you’re a bit overwhelmed by all the different options, we’ve made Life Insurance easy to manage with just one policy. Suncorp MyStyle Life Insurance, combines Death Cover, Income Protection Cover and Serious Illness Cover simply for you. MyStyle Life Insurance is an award winning Life Insurance product that is customisable to suit your needs.
Check how much you’re covered for
While you may have some form of Life Insurance already through your superannuation fund, this may not provide enough cover. It’s important to think about the full scope of your living expenses, and how much your family would need to get by without you. Consider your mortgage repayments or rent, any school fees, groceries and bills. When you add it all up, can you safely say you’re adequately covered?
You can use our handy Life Insurance Calulator to work out how much cover is appropriate for you and your family.
Consider any changed circumstances
Different types of people at different stages of life will need different Life Insurance cover. For example, if you have a baby you’ll have to start thinking about how your Life Insurance will cover school fees or child care if your partner’s income won’t cover it all. Similarly, if you buy a new house you’ll probably need a different level of cover to ensure the mortgage can be taken care of.
Life Insurance is not the kind of thing you think about once and leave unchanged for the rest of your life. As your life changes, your policy should too.
Enter the new financial year safe and secure
Life Insurance isn’t the only precaution you should be taking to protect your family. This is a great time to also take stock of your health and ensure you’re taking care of yourself – so you won’t be needing that Life Insurance for quite a while. The leading cause of death in Australia is heart disease, so it’s important to eat well, exercise and have regular health checkups. For added security (and possible tax benefits, such as exemption from the Medicare Levy Surcharge) consider if you’re adequately covered by your current Health Insurance.
Get a Life Insurance quote online today within minutes. Or, if you’d like to learn more about Suncorp’s Life Insurance options, speak to a Suncorp Life Insurance Specialist on 13 11 55 (Monday-Friday 8am–8pm).
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