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Stages of Life Insurance Guide

Life insurance for couples

Protect your future, and your now

Should I get life insurance if I’m living with my partner?

Just because you don’t have children to worry about doesn’t mean you and your partner aren’t without financial obligations. Your responsibilities are geared towards each other.

Whether you’re living in a de facto relationship or happily married, you still share increasing financial obligations as you accomplish goals together. Is marriage on the charts? You may wish to buy your first home, get a promotion or change industries, and even plan for kids down the track. These are all expensive affairs.

So what would happen if your happily ever after took an unexpected turn? The bills might be halved now with two wages coming in, but how would you both cope if you were suddenly forced to live off one salary?

Protect your...

  • Soulmate
  • Lifestyle
  • Health
  • Financial Independence
  • Savings goals

 

What cover may be right for couples?

Imagine how you and your partner’s finances and emotional wellbeing would be affected in the following scenarios:

You could get sick or injured and be unable to work

If your health took a major knock and you couldn’t work, life might be very different living on only your partner’s income. They might find themselves also responsible for household upkeep like cleaning, cooking and grocery shopping. It may not be paid work, but these chores equate to a dollar value if you both had to pay someone else to fulfil them because you could no longer contribute.

This product may be suitable

Income Protection

Receive a monthly benefit to help keep you afloat while taking the burden off your partner. It can help take care of your ongoing expenses so you both can maintain your standard of living and focusing on recovering.

All features & benefits Get a quote

You could be injured in an accident

An accident can change your life instantly. If you were seriously injured and unable to work, how would you and your partner stay on top of everyday living expenses while you’re trying to get better? Not to mention those hefty medical bills.

This product may be suitable

Accidental Injury

Receive a lump sum payment payment based on your type of injury, allowing you to recuperate while some expenses are covered, easing the financial and emotional burden.

All features & benefits Get a quote

If you were not here to support your partner financially

The end isn’t something young lovebirds think about, but death is inevitable. If something did happen and you were no longer around, what would it mean for your partner and the financial obligations you leave behind?

This product may be suitable

Life Insurance

Life insurance is your way of looking out for your partner and minimising any burden. It could mean that your share of the mortgage and any other debts wouldn’t hold your partner back.

All features & benefits Get a quote

Policy terms (including waiting periods, exclusions and limits) apply. Read the relevant Product Disclosure Statement for full details.

The earlier, the better

You’re never too young or too healthy to consider getting covered. Starting a customised policy while time and health are on your side has a lot of perks:

  • Cheaper

    Life insurance premiums are substantially more attractive during adulthood when you’re fit, free of health issues and less risky to insure.

  • Confidence

    Helps you rest easy knowing your partner won’t have to carry the full load of shared debt sustaining a level of your current standard of living if you couldn’t contribute.

  • Accessibility

    More insurance options and higher coverage levels will be available to you when you’re healthy and still relatively young. If you delay life insurance and chronic health conditions start to show up (like diabetes, high cholesterol or cancer), it’s much harder to get insured.

  • Flexible cover

    As your life stage changes, a quick update to your policy will ensure your cover level matches your growing needs. E.g, if you get hitched, buy your first home together or start a family.

  • Savings

    Locking in a cheaper premium at a young age means extra savings in the long run. The even better news is life insurance protects your larger financials goals, since you won’t have to dip into your wedding funds or once-in-a-lifetime holiday savings if the unexpected hit.

  • Tax benefits

    Income protection premiums may be tax deductible, which comes in handy every time you lodge your annual tax return with the ATO. The tax treatment of Income Protection will depend on your individual circumstances.

Facts of life

Even if the worst doesn’t happen, it’s still much cheaper to get life insurance as a young couple compared to later on in life.

AAMI Home Building and Home Contents Insurance, Landlord Insurance, Strata Insurance, Car Insurance, Motorcycle Insurance, NSW and ACT CTP Insurance, Caravan Insurance, Business Insurance and Travel Insurance are issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. 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, 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).

AAMI Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib) a registered private health insurer, and is arranged by Suncorp Insurance Ventures Pty Ltd ABN 53 158 182 042 (SIV), for which SIV receives commission.

Pet Insurance is issued by The Hollard Insurance Company Pty Ltd (ACN 090 584 473; AFSL 241436) (Hollard); distributed by Pet Insurance Pty Ltd (ACN 607 160 930; AR 1234944) (PIPL) and PIPL’s authorised distribution partners (including Platform Ventures Pty Ltd (ABN 626 745 177; AR 001266101) (Ventures) under the AAMI brand); and administered by PetSure (Australia) Pty Ltd (ACN 075 949 923; AFSL 420183) (PetSure). PIPL and Ventures are authorised representatives of PetSure. PIPL and PIPL’s authorised distribution partners (including Ventures) will receive a commission which is a percentage of the premium paid to Hollard and PetSure may receive a portion of the underwriting profit, if any – ask PetSure for more details.

Registered Office, Level 28, 266 George St, Brisbane QLD 4000. Information provided is general advice only and has been prepared without taking into account any person’s particular objectives, financial situation or needs. Read the relevant Product Disclosure Statement or Policy Document available at www.aami.com.au and consider whether it’s appropriate for you before making any decisions about whether to buy or continue to hold a product. Information current as of 9 July 2015.