Young couples life insurance

 
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Wedding, joint assets and kids: if these are on the horizon for you and your partner, it might be time to look into life insurance.

Settling down. Whether you know exactly what that looks like or are happy to let things take their course, if you and your partner are building your future together you may want to consider life insurance as part of that plan.
 
Young and in love? If you are planning your future together, life insurance should be a consideration.
Young and in love? If you are planning your future together, life insurance should be a consideration.

Life insurance isn’t just for married couples with kids

It is accepted that most couples will take on some debt to get married, with the average cost of a wedding in 2015 sitting at a whopping $65,482.1 In a survey by MoneySmart, 60% took out a loan to get married, 82% dipped into their savings, 18% used a credit card and 35% blew their wedding budget.2

Similarly, 97.5% of people living in their first home (first home buyers) were in debt in 2014: the median debt was $323,100 and 21.2% of income was required to service it.3 If you are not already in the property market it is also worth considering that the average size of a first home buyer loan commencing May 2016 was $326,400.4 

This debt is taken on for long term benefits, to be paid off together over the years. But say the unthinkable happens and you or your partner pass away. This would leave one of you with debt that may be difficult to manage on a single income. It could mean years of financial hardship or the need to sell assets. This is where life insurance comes in.

Life insurance for couples

As a couple, you can have separate policies or both be covered on the one policy. Joint life insurance is generally available to de facto and married couples who are Australian residents aged between 18 and 64 years of age. You can select a cover amount up to $1.5 million (depending on your policy and age) which is paid as a lump sum to your loved ones when you pass away or are diagnosed with a terminal illness

Life insurance can help with future costs your partner may face, this could include:
  1. Paying the mortgage or rent
  2. Credit card debt
  3. Property maintenance
  4. Travel
  5. Higher education debt
 
Most policies available through Choosi offer joint cover that can include both you and your partner.
Most policies available through Choosi offer joint cover that can include both you and your partner.

Some policies Choosi can offer direct also insure against serious illnesses and permanent disability. Below is an overview of life insurance options that you may want to consider:

Type Description Benefit
Life Insurance

Cover for death or diagnosis of a Terminal Illness.

  •  Lump sum up to $1.5 million, generally tax-free. +
  •  Tailored cover.
Children's Insurance

Covers your child for Accidental Death, or a specific injury or serious illness. 

Usually available as optional cover with Life Insurance policies.

  •  Lump sum payment.
  •  Cover additional costs such as medical expenses and school tuition.
Total and Permanent Disability Insurance

Cover for when you become totally and permanently disabled.

Usually available as optional cover with Life Insurance policies.

  •  Lump sum payment.
  •  Cover additional costs such as medical expenses and school tuition.
Serious Illness Insurance

Cover for a range of serious illnesses that may include Malignant Cancers, Stroke, Heart Attack or Coronary Artery Bypass Surgery.

Often available in as optional cover with Life Insurance.

  •  Assists with paying extra expenses during a life-threatening illness.
Accidental Death Insurance

Additional cover in event of Accidental Death.

Often available as an optional cover with Life Insurance.

  •  Death: Provides an additional lump sum payment to your life insurance benefit to financially support your family if you pass away as a result of an accident.

How much will it cost?

The premium for your life insurance policy will be based on, among other things, your age, gender, whether you smoke and your level of cover.  

As a young healthy couple you will enjoy the benefits of:

  • Lower premium costs

    Premium rates are significantly cheaper for young adults compared to older people as you are considered to be healthy and depending on the circumstances, lower risk.

  • More cover options

    As you are young and healthy you’re eligible for a wide range of different cover options and extras. The older you get the harder it may be to obtain cover.

  • Peace of mind

    With joint life insurance, you and your partner can rest easy knowing that if something were to happen to either one of you, you or your partner will have a lump sum payout to assist with shared debt and other expenses.


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 363 526 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. 

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