Do I need life insurance?

Planning for the future and making sure your superannuation is in good shape is really important when creating the retirement you want, but what about protecting yourself for the here and now?

Life insurance is something I see a lot of people putting off, or thinking they don’t need. Through my business as well as in my personal life, I’ve unfortunately seen some really sad things happen to people around me that has severely impacted life for them and their families. So this is a bit of a plea really - from me to you - to think about insurance in a different way.

Here are the top three reasons I think life insurance is worth considering today:

What you’ve got in super may not be enough
As much as you think your super balance might be enough to keep your family going if something happened to you - often, it’s not. Think about your mortgage, living expenses, your kids’ education - and then about how much you’ve got in super (not sure? This is a great reason to check!)

Would it be enough? How long would your super sustain your family’s expenses? It can be confronting to think about, but it’s far easier to consider now, than at the time you need it most.

Insurance policies can often be paid out of your super fund
The short-term cost of insurance can certainly be a concern for some people, which is why it’s great news that many insurance policies can be taken out within your super fund. Paying insurance premiums out of your super means less out-of-pocket expenses now, and it also won’t have a huge impact on your super balance long-term.

You can tailor your insurance to suit your needs
Life insurance isn’t (and shouldn’t be) ‘one size fits all’. Insurances are broken down into a range of different products, designed to do different things from protect your income in the short term, to provide financial security in the long term. This means you can customise the type, number and costs of your insurance policies to best meet your needs.

I’m so passionate about making sure people are appropriately set up when it comes to insurance and showing our clients that getting insurance may not be as big or scary as they may think. 

There can be a lot of paperwork that’s involved in properly setting up life insurance, but we are here to help with that. Whether it’s contacting your super fund to see what you already have in place, seeking some quotes for new policies or simply sitting down to talk through your options, please reach out and we’ll get the process started.

We hope this has given you the motivation you needed to look into your insurances today. If you’re not already following us, make sure to check out our Facebook and YouTube channel for even more financial tips and advice.