Should I get life insurance?
Find out how life insurance can fit into your family's financial future.
How would your family cope if you were no longer there to support them? Could they afford the mortgage, school fees, car loan repayments and still be able to put food on the table?
Or would they have to compromise and abandon the life that they had? What would they have to give up? Would it be little things like music lessons or sport, or would they have to sell the house and move?
Life insurance provides a lump sum payment that could be worth up to $2 million (depending on your age and policy) in the event of your death. This can help your family manage financially and maintain their quality of life.
Household debt is expensive in Australia
Australia boasts some of the world's most liveable cities2 but also some of the most expensive. In 2013-14, 7 out of 10 Australian households owed money. Staggeringly, of these more than a quarter were indebted to a level that was three or more times their annual disposable income. Families with debt are at a high risk of financial hardship if they lose a wage-earning member due to illness or death.3
It pays to have life insurance
Depending on how you structure your policy, your family could receive a lump sum of up to $2 million (depending on your age and policy) in the event of your death or terminal illness diagnosis. This could help your family achieve your financial goals once you’re gone, whether it’s paying off a mortgage, living a debt-free life, or the cost of private education.
Should anything happen to you, you want to know that your loved ones can continue the life you've worked hard to provide for them. If you think you should get life insurance, now is the time to find out more.