Life Insurance

21/2/2017

Let me tell you something about life insurance

Australians own around 18 million life insurance policies. In total, we spend $55 billion in premiums providing $6.4 trillion worth of coverage. That's a lot of life insurance.

And you know what?

Not one of these life insurance policies was purchased for the benefit of the policyholder.

Not one!

Trillions of dollars’ worth of coverage is focused on the needs of others.

Life insurance can provide the cash, the security and the income your family need when you are no longer there to provide for them.

Because life is always changing your family's needs may be changing, many households are actually under insured or not protected at all.

Life insurance is the cornerstone of the family's financial plan.

It's important to get it right, so ask yourself these questions.

Do I have the right amount of coverage? Am I with the right company? Do I have the right kind of policy?

To get the right answers, seek advice on how you can protect the lifetime needs of those you love and leave a proper legacy that lasts long beyond your years.

The best time to start is right now.

Source: ASIC Report 413

3 Comments

Brooke

18/3/2015 12:41:18 pm

Im single, have no debts or kids, should i be looking at life insurance?

Tony Sandercock

18/3/2015 11:32:08 pm

Hi Brooke, the best thing to do would be to seek some advice about the types of insurance you need, how much you need and the best providers for your circumstances. You could do that through your super fund, by contacting a financial planner or you could contact an insurance company directly (although they’ll only talk about their products).

This link (http://www.lifewise.org.au/next-steps/) will give you some great information on how to go about it. The same site (http://www.lifewise.org.au/insurance-101) also has some plain English information to help you understand the various types of insurance and how they work. There are even some calculators (http://www.lifewise.org.au/calculator) that can help decide how much insurance (if any) you need.

Let me know if I can be more help.