Life Insurance Receive Life Cover Quotes

Life Insurance Receive Life Cover Quotes. Protection that life cover can provide at different life stages

Young and single

Young and single people are often beginning full-time employment and may begin to accumulate some small personal debt. Most of us, especially when we are young, tend to believe that "it won't happen to me". We think we are too young to get cancer or suffer from a heart attack.

The reality is young people do suffer the same as anybody else and if something should go wrong it is a nice feeling to know that your passing will not leave financial burden for those you leave behind. It's important for people of this age group to consider what may happen if they were no longer able to work due to serious injury or illness. The ongoing benefit of an income protection policy could go a long way in helping ensure they are able to maintain their current standard of living and keep on top of rent, mortgage and any other personal debt if forced out of work for a period of time.

Young couples

Young couples are often at a critical stage in their lives as they begin to acquire more debt as they set themselves up for the future. When building a relationship it is often built around acquiring a home of your own and putting down the foundations for a solid financial future. It is an exciting time in your life as you work your way towards your goals with a partner while also trying to enjoy your time out of work and start looking to raise a family.

Even though you may be young, devastating events can still occur and if they do, the last thing you want is to leave your partner with both grief and financial stress after your passing. The payout from a life insurance policy can go an extremely long way in helping cover day to day living expenses, short-term debt and mortgage repayments.

Young families

Young families have much to lose if one of the parents were to suddenly pass away, leaving the surviving parent with the daunting task of raising a family while trying to earn a living at the same time. You will no doubt be thinking about what you are providing for your family at present as well as what the situation will be in the future: education for your children, an adequate home, ability to pay for day to day living expenses. While it is never a pleasant thought, the payout from a policy can offer great relief to these expenses if the main breadwinner is no longer there to provide for the family.

Maturing families

Maturing families look towards building assets and growing income to provide options and financial security for the future and retirement.

No one plans to get sick, injured or to die prematurely but it does happen. Your household income has probably peaked by now and the kids are leaving home to start their own lives. Your interests start changing to that of being prepared for your retirement when it arrives.

This can also be a time where you are more susceptible to suffering a medical condition that requires ongoing treatment.

Retirees with an empty nest may not have the same level of financial obligations it is important to remember the lifestyle you now have deserves protecting and the loss of one partner could still put a strain on the surviving partner to be able to retain that lifestyle. There still may be some final expenses that would need to be covered in the event of your death such as funeral costs, legal costs, estate planning costs and any remaining small personal debt.

When Might I Consider Buying Life Insurance?
It is a sad fact that Australia is currently facing a massive underinsurance problem with research commissioned by IFSA in 2009 indicating that over 95% of Australian families with dependents were underinsured¹. Many people are quick to insure either their car or home but finding adequate cover to protect the greatest asset of all is often neglected. The first step to take when assessing if you should take out coverage is to consider what the most important assets are in life and consider the financial stress that would be caused if you were suddenly no longer able to work or were no longer around to provide a steady flow of income to your family. Whether it be the birth of your first child or the purchase of your first home with your spouse, the moment that others become financially dependent on you is the moment you should consider taking out life cover.

Taking Out Life Insurance Through Your Superannuation
Many super funds arrange life and disability cover to the members of the account. The insurance is organised by the trustee of the fund on behalf of the fund members and in the event of a claim the lump sum is paid to the trustee. The trustee will then determine how the benefit is paid to insureds estate. Many Australians sign up for the default level of cover provided by super funds as it is seen as a low cost option (due to policies being bought in bulk by the fund). While there are benefits to life cover through super, it is important to assess the level of cover you are entitled to receive and determine whether more comprehensive cover through a standalone policy may be necessary.

What happens to lost life insurance?

Over the past few years, the government has been reinforcing the message that people need to track down their lost superannuation from previous jobs and roll it all into one account to make it work harder for them. While most people are now aware of the need to do this, many still don’t realise that there may also be small amounts of life insurance money out there that they may be entitled to as well. It is estimated that there is at least $1 billion in benefits from lost or forgotten life insurance policies waiting to be claimed and that the average unclaimed benefit is around $2,000 per person. So it’s certainly worth looking for and in Australia, you can do so through the Financial Ombudsman Service. They offer a free life insurance policy search service, where if you are an authorised person (e.g. an immediate relative or spouse of someone you suspect to have a missing life insurance policy), they will request all life insurance companies that are members of the Financial Ombudsman Service to search their records on your behalf. Source: finder.com.au

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