Life Insurance for Young Singles in Australia

Life insurance is not always at the forefront of young Australian minds, especially those that are single. However, life insurance is something that everyone should be thinking about.

If you’re a young single person with a mortgage, it might be time to consider life insurance. Often when young singles buy their first property, they need a parent to be a guarantor on their home loans. Life insurance to cover the mortgage amount, whether your parents are guarantors or not, is a good idea in order to protect your new asset. We do often find it can take new parents a few years to take out insurance as a family. If you cover yourself when you’re young, you will have peace of mind that no matter how your circumstances change. There will be cover in place for any situation.

If you’re a healthy young single, it’s never too early to consider taking out life insurance. As we know, it’s earlier in life that we’re at our healthiest. Already by “age 30, the human body’s major organs begin to decline” (CNN). These days our families are not starting until around the age our bodies are already in decline as, “consequently, the average age of women having their first child has risen and is approaching 30” according to True Bride.

Taking out life insurance while you are young, fit and healthy, will ensure a policy in which you are covered at standard rates. You won’t be at risk of having loadings placed onto your policy, exclusions or even declines. Once they accept you, you have been accepted for the life of the policy, no matter what happens. Preparing for the future isn’t for everyone, but if you know you will have dependants at some stage in your life, it might be a wise idea to take out life insurance young.

A lot of young singles favour trauma cover and income protection, if they take out insurance young. Entering in your first full time job is a time for a lot of people to move out of home, sometimes for the first time. Income protection allows you to protect your independency, should you fall sick or injured. If it’s a severe enough injury or illness you may want to move back home, and might need money for medical bills and the like. If it’s a small injury, such as a broken arm, it may stop you from working, but it’s probably not something you would want to move home for. By taking out income protection, you’re protecting yourself and your lifestyle, should anything happen.

Trauma insurance is another way to provide protection for yourself. Our family members may get sick, our friends may be injured. It could possibly happen to you. Protecting yourself when you’re young and healthy is making a smart decision for your future. Life insurance is also important for young singles in Australia.