Do I need life insurance if I’m young?

In your 20s and 30s, exploring the world, building a career, and buying a little slice of Australian
real estate can be exciting and consuming pursuits. For many, protecting your financial future can be
low on the priority list.

Be prepared for what the future holds

You’re young, fit and healthy. There’s a bucket list of travel destinations that you probably want to visit.
Perhaps, you’re eyeing your next promotion at your job to climb up the career ladder. Maybe, you’re thinking of
settling down and starting a family. Whatever’s on your ‘to do’ list, it most likely doesn’t include Life Insurance.
However, life can throw a curveball when least expected For example, did you know skin cancer causes more deaths
than transport accidents every year in Australia? Or that bowel cancer is the fifth leading cause of death overall for
Australians aged 25-44? It doesn’t just affect older people. Injuries are the leading cause of death for people aged
under 44. Just imagine, a sporting accident could force you to put your life plans on hold. Having life insurance in
place can give you peace of mind with a lump sum payment to secure your financial future no matter what happens.

Can I afford Life Insurance?

Generally speaking, premiums are usually more cost effective the younger you are when you take out your policy.
Many insurers even allow you choose a premium that will remain based on the age you were when the cover started,
right through until you retire. Being younger also mean you have fewer risk factors, and this can translate into lower
premiums for you to pay. Some insurers may also offer discounts on your policy for maintaining a healthy lifestyle,
so it’s important to get financial advice to help find a policy that offers the best value.

Flexibility to change your cover with age

You might feel that you’re locked in your cover and the choices you picked when you first selected your policy.
This isn’t true either. Most insurers understand that your needs change as you grow older. For example, your family
might grow when you decide to have kids and that may add more people who are financially dependent on you.
Many life insurance policies also give you the option to update your cover as you go through different stages of life.
What’s more, the process can often be quick and easy, and you may not even be required to undergo a detailed
application or have any medical tests to update your cover, where you have reached a milestone like getting married,
buying a house, or having a child.

If you would like to discuss your Life Insurance options and what cover is available to you, please reach out.

Source: TAL Business Partnership Program December 2022 Newsletter

Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it you should consider its appropriateness for you, having regard to those factors. Always obtain and consider the relevant Product Disclosure Statement before deciding whether to acquire a financial product.