WHEN SHOULD YOU CONSIDER LIFE INSURANCE PRODUCTS?

Natasha Gardner

If you’re experiencing a major milestone, it might be the right time to reassess your 

life insurance needs.

Major life events often prompt people to take out life insurance products, including having a baby, taking out a mortgage, buying a home and getting married.

YOUR FIRST JOB

Starting your career may not seem like the right time for life insurance products, but an illness or injury can disrupt your income significantly. Income protection insurance provides a regular income when you can’t work due to serious illness or injury, which can help to cover essential living expenses like rent or the cost of a carer.

MARRIAGE OR A SERIOUS RELATIONSHIP

Entering into marriage or a serious relationship often means shared financial responsibilities. Life insurance can help to provide peace of mind, ensuring that in the event of illness or death, you and your spouse can get peace of mind knowing that you are more financially secure without needing to rely solely on savings or credit.

RAISING A FAMILY

When starting or growing your family, considering life insurance can be an important step. While superannuation may include some life insurance, it might not be sufficient to cover the costs associated with raising a family if you are diagnosed with a terminal illness or pass away. Life insurance can help to protect your dependents against financial uncertainty.

TAKING OUT A MORTGAGE

Consider who will handle the mortgage payments if something happens to you or your spouse. Life insurance products can offer financial protection when buying a house, securing your first home loan or increasing your mortgage, ensuring that funeral expenses and/or loss of income are more manageable for your family.

RETIREMENT

While the need for life insurance may not be as obvious once the mortgage has been paid and the children grown up with their own families, there are still several good reasons to hold on to it or even take it out. Having life insurance can offer additional financial security and peace of mind in the event you are diagnosed with a terminal illness or sadly pass away.