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Why do you and your family need life insurance?

By  AAMI

You insure your car in case you're involved in an accident, you insure your home and its contents in case of fire or theft, you even insure your health in case you get sick – why then do only 31% of Australians have some form of Income Protection insurance*?

We understand that it's a hard conversation to have with your partner or your loved ones about what you would do if you couldn't work or if you died. How would your family cope if you were to be severely injured? How would they meet your financial commitments?

Cover for if you can't work, you're injured or you pass away

There are generally three kinds of insurance you can take out to help you keep up your financial commitments if you were sick, injured, or died suddenly. They are Income Protection, Accidental Injury and Life Insurance (also known as Death Cover).

Income Protection

If you can't work because you are ill or injured, Income Protection insurance could help you or your family cover some of the lost income while you recover so you can continue to pay the mortgage or rent, day-to-day living expenses, and other bills you might normally have.

Accidental Injury

Accidental Injury Insurance pays a lump sum benefit to you if you suffer one of the listed injuries, which includes fractures, dislocations, and loss of sight. This lump sum helps you cope financially by giving you money to pay for things like medical bills and day-to-day expenses.

Life Insurance

When it comes to Life Insurance – also known as Death Cover – you'll probably need to have some hard conversations about the practical importance of being prepared for death. You might consider this by yourself or with your family. Either way, be practical about what will happen to your finances, and who will take care of them, after you're gone.

AAMI Life Insurance and Accidental Injury Insurance are issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (SLSL) and are distributed by Suncorp Financial Services Pty Ltd ABN 50 010 844 621, AFSL 229885 (SFS) under the AAMI brand. AAMI Income Protection is issued by SLSL and distributed by SFS under the brand, AAMI, and AAI Limited ABN 48 005 297 807, AFSL 230859 (AAI), who only issues the redundancy benefit. AAI trading as AAMI does not provide any financial product advice in relation to AAMI Life Insurance, Accidental Injury and Income Protection (except in relation to the redundancy benefit). Eligibility for cover and the payment of any benefit are subject to the relevant terms and conditions including no claim and waiting periods, exclusions, limits and eligibility conditions. Information provided is general advice only and has been prepared without taking into account your personal objectives, situation and needs. Read the relevant Product Disclosure Statement or Policy Document available at www.aami.com.au and consider whether it is appropriate for you before making any decisions about whether to buy or continue to hold a product.

*AAMI Australian Values report, 2013