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Planning • 3 min read

When to get Life Insurance?

There are many milestones in life that should get you thinking about Life Insurance. Find out how you can help protect your family's financial future.

Some people are uncertain about the right time to take out life insurance. While there are no hard and fast rules, there are some situations when greater financial protection should be considered.

Life Insurance provides important financial support for your loved ones in case you are no longer around. It may help your family to cover their debts, continue education and pay for any daily expenses like medical, utility or grocery bills.

Life Insurance can give you peace of mind that your family will be taken care of, which is why you may want to reassess your needs for cover when you experience a major change or milestone in their life.

Getting married? Think about Life Insurance.

One milestone that may cause you to think about Life Insurance is when you are getting married.

Starting a new life with someone brings with it all sorts of financial commitments—perhaps you support one another with your salaries, perhaps you own property together or have joint financial responsibilities like debts or loans.

Life Insurance can offer financial security to your spouse should you suddenly pass away, giving you peace of mind that they will not suffer hardship in the event of your death.

There are various different types of policy available, so which to choose largely depends on what level of cover you need and your personal circumstances. 

Life Insurance companies will assess both you and your partner if you take out a joint policy.

Consider Life Insurance cover when having kids

By adding a little one to the family, you suddenly have a new financial dependent who will need to be taken care of in case of your death. 

Life Insurance means you can live your life to the fullest in the knowledge that your whole family will be financially supported even if you are no longer around. 

Even after the kids have left home, your Life Insurance can still be a valuable contribution to your partner who might use it to manage debt, pay for medical or funeral costs or save for retirement. 

Cover can be important whether you are the breadwinner or not

Even if you’re not earning the majority of the household income, your contribution to the household is significant. Think of all the work you do to take care of the family. 

If you weren’t around, it’s likely that others would have to be paid to do your job: child-care, housekeeping, shopping, cooking, and ensuring the kids get a good education. If you help your partner with their business, for example in a book-keeping role, this would also need to be outsourced at additional cost.

With Insuranceline, your policy can be joined with your partner’s and may benefit from discounted premiums. The payout from your policy could cover the cost of employing a nanny and/or housekeeper so your partner is able to continue earning an income.

Think about your other dependents

While your family are the obvious people who rely on you, Life Insurance can also be important if you are a partner in a small business. In this case it is possible to list your business partner as a dependent, with any payout helping them to keep things running in your absence. 

You can get a quick quote online or if you would like to speak to an advisor, give us a call on 13 77 87.

Backed by TAL

^Insuranceline Win 1 of 5 $1000 Visa Cards (Competition). Subject to the Terms and Conditions, the Promotor is offering customers a chance to win one of five Digital Visa Gift Cards valued at $1,000, in one of the four draws. Entry commences on the 1st of April 2024 and will run for four months until 11:59pm AEST on the 31st of July 2024 (Entry Period). During the Entry Period, to be eligible to participate in the Competition, customers must get a quote and take out a new Insuranceline Life Insurance, Income Protection Insurance, or Funeral Insurance policy to enter the Competition. A maximum of one (1) entry into the Competition will be awarded per eligible policy. The Promotion is not open to existing customers, or customers who have cancelled a Promoter branded policy in the 12 months prior to the commencement of the Entry Period and then taken out a new Insuranceline branded policy. Each of the four Prize Draws will take place at Level 16, 1 Denison Street, North Sydney NSW 2060 on the respective Prize Draw and Time, as listed in the table in Condition 13 (and if any Redraws if there are any unclaimed prizes, Condition 19) of the full Terms and Conditions, and the winners will be sent an email and will be attempted to be notified via phone within two (2) business days of the Draw and published on Max. retail value of the total prize pool is $20,000. To be eligible at time of the draw, customers must still have an active policy and have paid 1 month of premiums in full. View eligibility criteria and full terms and conditions here. Promoter: TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260. Permits: NSW NTP/09255, ACT TP24/00483, & SA Licence No. T24/388.

**Bonus 10% more cover is calculated on the fifth anniversary from the Policy Commencement Date. Each adult life insured will have an extra 10% of the average Funeral Insurance Cover amount held during the previous five years added to their Funeral Insurance benefit. Terms and conditions apply. Refer to the PDS for more information.

#Claims paid figures relate to all Insuranceline life insurance policies in the 2021 financial reporting year (1 April2021 to 31 March 2022). All claims on Insuranceline policies are assessed against the relevant policy terms and conditions. These terms and conditions, as well an explanation of the claims process, can be found in the applicable Product Disclosure Statement. Claims are administered and settled by the insurer, TAL Life Limited.

***Insuranceline is the longest standing provider of Funeral Insurance in Australia, based on: Strategic Insight, Actuaries & Researchers. Funeral Insurance means a policy with periodic premium payments that provides a lump sum to help pay for funeral and associated expenses when you die and excludes pre-paid Funeral Plans and Funeral Bonds.

The information provided on this website is general advice only which means it does not take into account your individual needs, objectives or financial situation. For this reason, you should consider whether it is appropriate for you, and before you decide to buy or to continue to hold an insurance product, you must read the relevant Combined Product Disclosure Statement (PDS) and the Financial Services Guide (FSG). The PDS/FSG contains important information which will help you understand the product, including what's covered and what's not covered and to decide whether it is appropriate for you. The Target Market Determination (TMD) for the relevant product, where applicable, is also available.

If you are considering cancelling a policy you already hold in order to replace it with a new policy, make sure you read the terms and conditions of both policies before you make a decision. The cover terms may be different, you may lose benefits accrued under your existing policy, and waiting periods may apply to the new policy. Changes in your personal circumstances (such as your age, health, and employment) that have occurred since your existing policy was originally taken out may also affect your new policy. As your application for a new policy may not be accepted, and some policies may be unable to be reinstated after they have been cancelled, you should consider waiting until your new policy is confirmed before you cancel any existing cover.

Promoted by Insuranceline, a trading name of TAL Direct Pty Limited (of Level 16, 363 George Street, Sydney NSW 2000) ABN 39 084 666 017 AFSL 243260. TAL Life Limited ABN 70 050 109 450 AFSL 237848 issues the life insurance benefits. St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the Involuntary Unemployment Cover.

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