Do I need life insurance if I’m young?

By AAMI 07 September 2021

You’re fit, young, carefree and healthy and your focus is on living large, travelling the world (someday soon), building your career and finally purchasing your own slice of Australian real estate. Everything is exciting.

Yet the ‘she’ll be right’ mentality, while very Australian, is perhaps why protecting your future is probably quite low on the priority list. Right?

Climbing the career ladder and securing your first home may seem like the best places to be focusing your attention and finances, but failing to be prepared for the future can actually have a big impact on these very aspects of your life.

It’s why taking out life insurance, at any age, is important.

Anything can happen

It doesn’t matter how fit and healthy you are, or how old you are, an accident can happen at any time. In fact, being young may actually mean you’re more likely to take risks, testing your limits whether it be on the sports field, the slopes or in the ocean.

On top of this, illness can strike at any time. Even in your 20s and 30s, there are still certain medical checks you should consider getting to ensure nothing is creeping to the surface. Pelvic and testicular exams, checking any skin abnormalities, looking at things like your mental health and level of alcohol dependency. Conditions associated with all of these things can strike when you’re young. You never know what’s around the corner, no matter how proactive you are.

Which is why it’s a good idea to consider life insurance.

You may not think you have much to lose but what about any loans you’ve taken out, including that home loan or the credit card bill you need to pay next?

Why do I need life insurance?

If you’re diagnosed with a terminal illness or in the event of your death, life insurance provides your loved ones with financial security. It can help make sure your family - whether that’s your parents, your partner or your young children - isn’t left with any financial burden if you’re no longer able to cover the cost of living.

When looking at a life insurance policy though, it’s important to find one that provides flexibility for your circumstances, and allows you to adjust the policy as needed. This is especially true for young people as your situation is bound to change as you get older. With AAMI Comprehensive Life Insurance, you can change your policy to suit your lifestyle; if you get married, have children, purchase a home or a loved one dies, then you can simply apply to change your level of cover by up to $100,000 without going through the underwriting process again or providing us with new medical information.

There’s not a lot you can do to prepare your loved ones in the event of your death. It’s a very emotional time for those close to you. But you can prepare them financially, and life insurance can help ease that burden. When grieving your loss finances should be the last thing on your loved ones' minds. By taking out a life insurance policy, you’ll be ensuring they’re cared for.

Whatever your needs, today and in the future, it’s never too early to take out life insurance. Get a quick quote online or contact the AAMI Life team today on 13 22 44.

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.