Life insurance for the young families

 
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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.

However, life won’t always follow the path you set so it’s important to be prepared. Unfortunately, many young families in Australia are facing an underinsurance gap1, which means their partners and children may not have enough to meet their financial needs if the main provider passed away.

Even though the risk may be unknown, many people feel that it’s worth planning for the financial challenges that their family would face should they pass away or be diagnosed with a terminal illness.

Life insurance products available direct through Choosi offer 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.

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

Type Description Benefit
Life Insurance

Cover for death or diagnosis of a terminal illness.^
  •  Lump sum up to $1.5 million (depending on 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.
  •  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 most of the policies available direct through Choosi (depending on the policy) diagnosis of a terminal illness means where life expectancy is 12 months or less 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 family, life insurance could offer you:

  • Peace of mind for your children’s future – whether it’s education and school fees, weekend sports, or just everyday living costs, it’s good to know that your young kids will be looked after financially if something were to happen to you.
  • A way to look after the family home – if you’re worried about your family keeping up with the mortgage after you’re gone, life insurance may help your partner with the ongoing costs.
  • Optional benefits such as Children’s Insurance – you can cover your children between the ages of 2 and 17 for a death, terminal illness, or defined serious injury or illness which can help with any unexpected medical costs or other arrangements.

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.

Learn more about life insurance

 

Features and benefits
 

Should I get life insurance?
 

Life stage: young & single
 

Life stage: young couples
 

Life stage: young families
 

Life stage: maturing families

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Choosi Pty Ltd (ABN 15 147 630 886) offers insurance products from a range of Australian brands. Choosi doesn't provide information or offer cover for all products available in the market and there may be aspects to some products that Choosi doesn't compare. Choosi isn't an insurer and cover is issued by various underwriters. Your use of this website is undertaken in accordance with the full Terms & conditions.

Choosi is a related company of Greenstone Financial Services Pty Ltd (ABN 53 128 692 884; AFSL 343079), the distributor of each pet insurance, life insurance and funeral insurance policy. Choosi is able to arrange policies directly for the following brands: Kogan Life Insurance, Australian Seniors, Guardian Insurance, Prime Pet Insurance, Real Insurance, RSPCA Pet Insurance, Guide Dogs Pet Insurance, and Woolworths Insurance. Choosi is also a related company of The Hollard Insurance Company Pty Ltd (ABN 78 090 584 473; AFSL 241436), the issuer of each pet insurance product Choosi is able to arrange directly. Choosi is also a related company of PetSure (Australia) Pty Ltd (ABN 95 075 949 923; AFSL 420183), the administrator of each pet insurance product Choosi is able to arrange directly.

Where requested by you, Choosi can provide access to other life and funeral insurance brands by referring you to a third-party partner. The home & contents and car insurance products available are issued and distributed by Compare the Market Pty Ltd (ABN 83 117 323 378; AFSL 422926). The business insurance products available are arranged by BizCover Pty Ltd (ABN 68 127 707 975; AFSL No 501769). If you choose to purchase these products, Choosi will refer you to the appropriate partner. If you purchase a product as a result of a referral, Choosi will receive a fee or commission, depending on the partner you're referred to.

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Information on this website doesn't take into account your personal objectives, financial situation or needs. You should consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) for more information and to ensure the product suits your needs. The PDS and TMD for each of the pet insurance, life insurance and funeral insurance products sold through Choosi are available through this website. Relevant PDS', TMD and/or Policy Wording Documents for products available through our partners are available on their websites.