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Life insurance for the young and single

Life insurance can help you maintain your independence if you suffer a serious illness or disability

You are young, single, carefree and healthy. The world is your oyster, whether you have just finished your studies and have decided to take a gap year to travel or you are establishing your place in the world while having as much fun as possible along the way.

You may have accumulated some debt along the way like a car loan, student loan, credit card debt or you may even have a mortgage. It may be time to consider ways you can maintain your financial commitments in case something unexpected happened to you. That’s where life insurance could help.

A Life Insurance payout could help meet the expenses that you have, or have even jointly committed to, such as a mortgage, if you are no longer able to contribute due to you passing away.

With Life Insurance policies available direct through Choosi, you can also add optional cover such as Total and Permanent Disability (TPD) cover (up to $1 million) and/or Serious Illness cover (up to $500,000) which can help you maintain your independence and continue to meet your expenses if you suffer one of the insured events under those optional covers.

Types of life insurance

Life insurance products can include cover for injury and illness such as provided in the optional covers Serious Illness and Total and Permanent Disability. Covers Choosi can arrange direct include:

Life Insurance

  • Cover for death or diagnosis of a terminal illness.^
  • Lump sum up to $2 million, depending on your age and policy.
  • Cover can be adjusted to suit your individual needs.

Total and Permanent Disability Insurance*

  • Cover for when you become totally and permanently disabled.
  • Usually available as optional cover with Life Insurance policies.
  • Can go towards medical bills and ongoing care, including the costs of treatment and rehabilitation. Benefit paid in full if you suffer a disability which leaves you permanently unable to work.
  • Lump-sum payment of up to $1 million (depending on your Life cover amount and age).
  • Eligibility between ages 18 and 60 and working at least 20 hours per week.
  • Cover may expire after you turn 65.

Serious Illness Insurance*

  • Cover for a range of defined serious illnesses.
  • Often available as optional cover with Life Insurance.
  • Assists with paying extra expenses during a defined serious illness.
  • Lump-sum payment of up to $500,000 (or 50% of life insurance benefit amount).
  • Eligibility between ages 18 and 59.
  • Cover may expire after you turn 65.

^ For the policies available direct through Choosi diagnosis of a terminal illness means where life expectancy is 12 or 24 months or less (depending on the policy) and cover is excluded for death or terminal illness as a result of a self-inflicted injury in the first 13 months.

* Payment of any Total & Permanent Disability or Serious Illness benefit (if applicable) will reduce the available death benefit.

While young and single, life insurance could offer you:

  • Peace of mind for your personal future – any long-term goals you may have while you are young could be interrupted due to a life-changing injury or illness. Life insurance with optional cover for serious illness or total and permanent disability could help you carry out your plans even if life takes you by surprise.
  • A way to protect your independence – should you suffer an injury or illness, you can use the benefits you receive to pay for ongoing medical care or other lifestyle adjustments, which could help you continue living independently.
  • A higher cover amount, if it’s needed – policies available through Choosi offer different levels of cover based on your age at application, so you may be able to apply for a higher benefit amount while you are younger, if you feel it’s needed.

You never know what life has in store for you. Being open to the good things and prepared for the bad can help make a difference. Choosi can help you choose life insurance cover for you, from a range of insurers. Contact Choosi's team of Choosers on 1300 363 5261300 363 526 today or request a quote online.

This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product. Choosi offers insurance products from a range of brands but does not compare all products available in the market.

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