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At what age should I take out life insurance?
For young Australians, it can be tempting to consider life insurance as a ‘nice to have’ extra, rather than an important monthly expense. After all, you may be fit and healthy and you have more important expenses to focus on.
But here’s the thing, it only takes one accident or one diagnosis and everything can change in an instant. All of a sudden, insurance will become one of your top priorities.
The problem is, though, by the time the accident or diagnosis occurs, it’s likely too late to take out insurance. So wouldn’t it be better to have signed up for a policy beforehand? After all, prevention is the best protection.
Why do I need life insurance?
When something happens to someone you love, the last thing you want to think about is how to cover expenses.
Life insurance may provide your loved ones with some financial help in the event of your death or a terminal illness diagnosis. With AAMI Comprehensive Life Insurance, you can be covered for up to $1.5 million, subject to eligibility criteria, and you won’t pay for things you don’t need, with a policy tailored to your situation.
Why should I consider taking out cover now?
Many people believe that life insurance is just for the older generation. But that can’t be further from the truth. Life insurance is important for all young people and particularly for those with young families - loved ones who are dependent on you and your income to live. Young individuals, just like you, aged in your 20s, 30s or 40s.
While you’re young and relatively carefree now, there are debts that you may have accumulated over the years and financial commitments that add up including mortgages or rent, childcare-related expenses, bills and loans.
If the worst were to happen to you, life insurance kicks in, which can be used to help pay off any debts that would otherwise have been a challenge for your partner or beneficiary to cover.
Taking out a life insurance policy
There are many moments in life to consider taking out a policy, such as getting married, buying a property or having kids, but it’s never too early to take out life insurance. At the end of the day, ensuring financial security for your loved ones, should the worst happen, should be a top priority no matter how young or old you are.
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AAMI Life Insurance products, other than in some circumstances the Redundancy Benefit, is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL is not part of the Suncorp Group. TAL uses the AAMI brand under licence from the Suncorp Group. Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Products you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is available on our website.