While death is a normal part of life, it’s not often an easy thing to talk about. However, ignoring it now could cause problems for your loved ones when you pass away, especially if they’re left behind with financial commitments that they’ll struggle to meet without you. This is where Life Insurance comes into play. In this article, we'll explore who might benefit from taking out Life Insurance in Australia and provide valuable information on this topic.
What is Life Insurance?
Life Insurance is an insurance policy that provides a lump sum payment to your chosen beneficiaries after your death.
At Golden Insurance, we offer Golden Life Insurance to Australian residents aged 40-80. This cover could help provide financial support for your loved ones after you’re gone. Depending on your age, you can apply for up to $250,0001 of cover. This could be used for things like mortgage payments, outstanding debts or even a gift for loved ones.
With Golden Life Insurance in place, you can have peace of mind knowing that you are helping to make a brighter future for your loved ones.
Who might consider taking out Life Insurance in Australia?
Here are some examples of why you may consider taking out Life Insurance:
You’re a parent
Whether your children are still young or grown up, we understand that you’ll probably always want to help protect them. Life Insurance can provide a way to do this financially when you’re gone. It could be used to help cover outstanding mortgage payments, debts, or other final expenses that may fall to them when you pass away. Knowing your children will be taken care of can give you some peace of mind that you’re helping to provide a brighter tomorrow.
You have little savings
Depending on your personal circumstances, you may not have much money put aside for the future. If that’s the case, Life Insurance can be a practical choice. It could be a way of ensuring that your loved ones won't have to struggle or go into debt to cover your outstanding financial commitments.
You’re the primary breadwinner, or have a single-income household
If you are the main breadwinner of your family, or if you have a single-income household, then Life Insurance can be very important for ensuring financial security for your loved ones in the event of your death. It can help to provide a safety net by replacing lost income, helping to cover day-to-day expenses and future costs such as mortgage repayments, debts, or final expenses. This can help to relieve the financial burden on your family during an already difficult time.
You want to help pay for your funeral
If you're concerned about making sure that your loved ones don’t shoulder the cost of your funeral alone, then Life Insurance may be something to consider. Life Insurance can be a useful way to help cover funeral and end-of-life expenses. It’s no surprise that funerals can be expensive and without Life Insurance in place, these expenses could fall on family members during an already emotional and stressful time. Taking out a policy could be a simple way to provide some peace of mind, knowing that your final wishes can be carried out without placing additional strain on the ones you love. It is worth noting, however, that a claim would likely not be paid in time for the funeral, so you may have to pay upfront.
How do I know if I need Life Insurance?
Deciding whether or not you need Life Insurance really depends on your own personal circumstances, and your needs. Here are some of the things you may want to consider before deciding on a policy:
Financial Situation
What is your financial situation? If you already have substantial savings set aside to help your loved ones with your end-of-life expenses, Life Insurance may be less necessary. However, if you lack these funds, Life Insurance can provide a simple way to help provide some financial support for your loved ones.
Family Needs
Have you considered how your death may affect your loved ones? If you think it could cause them financial strain and additional stress at an already difficult time, then you may want to consider Life Insurance.
Existing Cover
Consider your existing insurance cover, if you have any. If you already have a comprehensive Life Insurance policy, you may not wish to take out another Life Insurance policy. However, if your current cover is limited, considering other Life Insurance options and policies could help to fill the gaps.
Specific Funeral Wishes
If you have an exact idea of the send-off you would like, such as a certain type of ceremony or burial arrangements, and you want to ensure your wishes are honoured, Life Insurance could help. It could provide a way of covering these costs, so your loved ones don’t shoulder the expenses alone.
Age
The older we get, the more we start to think about protecting the ones we love and making sure they are financially secure after we’ve passed. It’s important to consider if now may be the right time to take out a policy.
Choosing the Right Life Insurance Plan
Selecting the right Life Insurance plan is essential to ensure your needs and budget are met. Before purchasing a policy, consider the following factors:
Cover Amount
How much coverage is needed to cover your final expenses and your loved ones’ day to day living costs? Consider things like inflation and any additional expenses you may have, such as outstanding debts. With Golden Life Insurance, you could get up to $250,0001 of cover, depending on your age when you apply.
Premiums
You’ll want to choose a policy than you can afford not just now, but in the future too. Shop around to find a policy that fits within your budget. With Golden Life Insurance, you can pay when it best suits you, choose fortnightly or monthly at no extra cost. And, if you're a non-smoker you'll enjoy lower premiums.3
Waiting Period
Life Insurance policies often have a waiting period during which full coverage may not be available. Be aware of this waiting period and its terms. If you choose Golden Life Insurance, you're covered from day one for death and terminal illness,2 so you can get on with your golden years.
Specific Terms and Conditions
Ensure you understand the policy’s exclusions and limitations. Be aware of any circumstances under which the policy might not pay out. Before deciding to purchase any insurance product, you should read the relevant Product Disclosure Statement.
Why Choose Golden Life Insurance?
Golden Insurance was born to meet the needs of Australians aged 40-80 who want to keep helping their loved ones financially – even after they’re gone. Whether your children have grown but still live at home, or are starting families of their own, they never stop needing your support.
We take pride in our straightforward application process and Australian-based claims specialists who are always ready to help your loved ones. Our customers can have peace of mind that the company they have decided to place their trust in is part of a group whose brands have been chosen by over 500,000 customers worldwide and have ‘Excellent’ Trustpilot ratings.4 With Golden Life Insurance in place, you can enjoy your golden years knowing you are helping to make a brighter future for your loved ones.