Young families life insurance

 
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Life insurance is there to protect your young family financially if something happens to you.

Every family is different, but the one thing that unites parents is the desire to do the best by their kids. 

Life however can be unpredictable: 6,111 Australians aged 20 to 44 died in 2014.1 Furthermore, 2.2% of 15-24 year olds and 3.4% of 25-34 year olds, by age group in 2002, experienced the death of a spouse or child in the 10 years from 2002 to 2011.2 Your loved ones could encounter a very different life to the one you plan for them if you pass away or are diagnosed with a terminal illness. If you have young children, a mortgage and other debts, how would your family cope without your support?

Life Insurance products Choosi offers direct provide a lump sum payment of up to $1.5 million (depending on your age and policy) that helps give your family financial security in the event of your death. It can make life's great opportunities still possible for your partner and children: travel, education, and a comfortable quality of life.
 
Nurturing and protecting your family is a key priority for new parents; life insurance is an important consideration
Nurturing and protecting your family is a key priority for new parents; life insurance is an important consideration.

When should I get life insurance?

Whether you already have children or are making plans to start a family, there are benefits to getting covered as early as possible. 

A family's early years are often filled with milestones - wedding, babies, new house, new cars, childcare and increased living costs. They are exciting yet expensive and can come with substantial ongoing family debt. 

Life insurance can help with the future costs your family may face if you pass away or are diagnosed with a terminal illness. These costs could include:
  1. Paying the mortgage or rent
  2. Credit card debt
  3. Investment property expenses
  4. Household bills and everyday living costs
  5. Childcare
  6. Travel
  7. Education expenses
 
Life insurance can continue your family's quality of life in the event of the unexpected
Life insurance can continue your family's quality of life in the event of the unexpected.

What type of life insurance could I get to protect my family?

The right policy for you will depend on your family's circumstances and could include optional cover. The below features generally apply to the policies Choosi offers direct.

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 family you will enjoy the benefits of:

  • Lower premium costs

    The earlier you take out life insurance when you are young and healthy, the cheaper your premiums usually are.

  • Financial security for your family

    Rest easy knowing that your family have a plan to help them if you were to pass away. Life insurance can ensure that if something was to happen to you, the mortgage and everyday household bills are covered and the kids are financially cared for.

  • More cover options

    If you are young and healthy, you are generally eligible for a wide range of different cover options and are able to better protect your family with optional cover such as Children’s Insurance. The older you get, the harder it may be to obtain cover.


Get a quote

We can't avoid the unexpected, but we can plan for it. If you would like to find out more about life insurance and how it can help your family, speak to 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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