DO YOU NEED LIFE INSURANCE?

Not necessarily. But just think – if you die tomorrow, will anybody face financial problems as a result? If they depend on you today, how will they cope tomorrow?

If you find the thought alarming, then you need to think seriously about life insurance. It means a tax-free lump sum to help those you care about deal with the practical problems associated with your death, such as the funeral and unpaid bills. It can also help with ongoing financial pressures, such as the mortgage and general living expenses.

Do any of these describe your situation?

You’re married or in a de facto relationship
Many families now rely on two incomes – could your spouse/partner maintain the lifestyle you’d want for them without your income? If you have children will there be enough to pay for the daily living costs? Life insurance can ensure there will be enough.

You have a mortgage
A mortgage is a large responsibility which does not simply go away when you die. Could your spouse/partner or children pay your mortgage if you weren't here anymore? An insurance payout could ensure your family can keep their home.

You’re a single parent
It’s even more important you make adequate provisions for your child or children should the unthinkable happen while they’re still dependent on you. An insurance payout could give them the start they deserve.

You’re a stay-at-home parent
Just because you don’t have an income, your family could still suffer financially if you were to die. Your spouse/partner might have to quit their job to look after your children or need to pay for childcare and a housekeeper. An insurance payout could provide the income they need to have these choices.

Your children are now adults and left home and you’re debt-free or you’re retired
Would your spouse or partner have enough money to maintain their lifestyle if you died? Would you like to leave an inheritance behind for your children or grandchildren? An insurance payout could provide enough money for you to leave something behind for those you care about.

Your parent or parents depend on you financially
It could be that they’re not able to work and /or aren’t eligible for national superannuation yet. Insuring your life would mean you don’t need to worry about who will take care of your parents should you die before they do.

You’re single
In most cases single people don’t need full life insurance because there’s nobody financially dependent on them. Though there are a few exceptions – if you have a child or children that do not live with you but are still to some degree financially dependent on you, or if you have significant debt that you wouldn’t want to pass on to family members if you died.

Even if you have no dependants or debt, could your family cope with the cost of your funeral? You may just need something like Funeral Cover to protect them from the funeral bill.

• Having a child
• Getting married or entering a permanent relationship
• Buying a home
• Taking on debt
• Starting a business
• Divorce or separation
• Your children growing up and leaving home
• Paying off your mortgage
• Retirement