You may not think you need life insurance, but it can be a great way to help protect your family against the unexpected.
If a family member were to pass away or become terminally ill, many Australian families without life insurance would be at risk of losing a large chunk of its household income.
That’s why life insurance can be such a good idea. If your family suffered a sudden loss of income due to a death would they be able to manage the rent or mortgage, groceries, household bills and other expenses without life insurance? Even if you’re not the family breadwinner, could your partner manage the household, or would they need to hire someone to help out?
If you have life insurance and you were to pass away or become terminally ill, your loved ones could receive a lump-sum life insurance payment to manage debts and cover ongoing household expenses.
Many life insurance providers allow you to choose your level of life insurance, so you can decide how much your family could receive. For example, with InsuranceLine Life Insurance, you can choose a life insurance payout from $100,000 up to $1.5 million. The cost varies based on your, age, gender, medical history and level of cover selected.
These days there are a number of life insurance options available - including life insurance policies that are designed to be affordable for any family, and which can be set up immediately over the phone or online. You may also be able to lower the cost of your life insurance by providing extra information about your health when you apply. By finding the life insurance that suits your needs and budget, you can be confident that you’ll be helping to protect your family when they need it most.