Why Life Insurance

We insure our homes, cars and health, but too often those closest to us are forgotten. Life insurance is not hard to understand: quite simply, a lump sum amount is paid out to your chosen beneficiary in the event of your death.

Of course, you can take the attitude that nothing will happen to you, and mostly likely it won't. But what if it does? How would your family survive? What does it cost to protect them? Surprisingly little all things considered.

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What do you have insured

A lot of Australians are hesitant when it comes to life insurance. There is generally an unfounded belief that they can’t afford life insurance or there is no need for it.

The Lifebroker research report tells us that Australians have an interesting view on personal risk protection. While they don’t consider life insurance to be of major importance, they admit they would struggle financially if a death, injury or illness were to affect a major breadwinner in the family. 

Australians consider it of high importance to insure assets like their home or their car, with 78% of people nominating it to be extremely or very important. When it comes to their own lives, only 46% of people consider it extremely or very important to protect themselves.

Interestingly, however, nearly half of respondents said they and/or their family would ‘not cope well’ or ‘not at all’ financially, should they stop earning an income for more than three months due to injury, illness or death.

To decide whether you need life insurance, you simply need to ask yourself how you and people dependent you would survive if you were to pass away or become seriously ill or injured. Even if you have a small amount of insurance in place, is that enough for your family to be comfortable? It shouldn’t just be a matter of simply surviving if the unfortunate were to happen.

If you want to leave your family in a stable position if you were to become seriously ill, injured or were to pass away, it’s time to consider taking out life insurance.

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