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Life insurance for young couples

Life insurance isn’t just for married couples with kids

It’s common for many couples to take on large expenses when getting married, starting with the big day itself. According to MoneySmart, the average Australian wedding costs $36,000, with 60% of couples taking out a loan to pay for it.1

For young duos looking to enter the property market, the median house price around Australia has recently hit over $800,000. For units, the average price is around $565,000.2

Unless you have significant savings or have received an inheritance, you will likely need to take on a mortgage to buy your first home. However, if either you or your partner pass away or face a serious injury or illness, consider if it may be difficult to meet this long-term obligation alone. One way to help manage this risk is with life insurance, which pays a lump-sum benefit in the case of something unexpected happening to you such as passing away or if you are diagnosed with a terminal illness.

Policies available direct through Choosi offer:

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.

Children's Insurance

  • Covers your child for death, diagnosis of a terminal illness or a specific and defined serious injury or illness.
  • Usually available as optional cover with Life Insurance policies.
  • Lump sum payment (up to $50,000) to help with funeral costs, medical expenses, or other family needs should the child pass away.
  • May be limited to be available for children who are Australian residents between 2 and 17 years of age. Waiting periods may apply.

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 such as 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 age and Life benefit amount).
  • 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 in as optional cover with Life Insurance policies.
  • 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.

As a young couple, life insurance could offer you:

  • Peace of mind for your partner’s future – your significant-other can use the payout to help with any plans you may have made for each other, such as studying, relocating, or even purchasing your first home.
  • More cover options – it may be easier to apply for certain optional extras while you are younger, as these may have age-limits for application eligibility.
  • A higher cover amount if it’s needed – policies available through Choosi offer different cover amounts depending on your age, so you may be able to apply for a higher benefit while you are younger.

As you go through life together, financial commitments are likely to become more entwined. Planning for the worst-case scenarios can help protect the one you love. If you would like to find out more, get in touch with Choosi's team of Choosers on 1300 363 5261300 363 526 or request a quote today.

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.


  1. ASIC's MoneySmart, Getting married,
  2. Australia’s median house price rising back to peak levels as key markets rebound: Domain House Price Report

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