Compare 3 Different Couples & Their Life Insurance Options

We have put together three different scenarios in order to show you the life insurance comparisons.

Rick & Brenda

Rick and Brenda are a 25 year old couple, taking out their first home loan. They are buying an apartment in Melbourne. They don’t have many extra debts in their life, so they simply want to ensure that the cost of their mortgage is covered should one of them pass away.

The figures below are based on $300,000 life insurance.

Marc & Shannon

Marc and Shannon are a 35 year old married couple. They bought their house a number of years ago so the debt on their mortgage has more than halved. They have two small children though, Brett and Lucy. They want Brett and Lucy to attend a private high school in the future. They have a number of credit card debts, along with their mortgage.

They are also looking at taking out $300,000 cover to ensure the remainder of the mortgage is covered, along with their credit card debt and some money to be left aside for future education costs.

Peter & Nancy

Peter and Nancy are a 45 year old couple who’s only child Robin has moved out of the family home and is off to university. Peter and Nancy have paid off their original mortgage, but have decided to move to a different suburb by the beach, where the cost of homes are substantially more. They are only purchasing an apartment, but still need to take out a mortgage to cover a portion of the sale.

Peter and Nancy take out insurance to cover the cost of their mortgage, plus an extra $100,000 to ensure Robin is left with a good inheritance and great start to life.

The amount of the life insurance is also $300,000.

* All figures are from 19^th of March, 2011

Life insurance can be relatively straightforward, though there are plenty of individual factors to consider. There are also a number of companies that you can insure yourself with. To make sure that you are getting the best product for your individual needs it is best to speak with a broker, who will be able to run life insurance comparisons for you.

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