More than 81 percent of Australians have insurance for their car, and while many believe that life insurance is important, only 56 percent of Australians have life insurance cover. What’s even more alarming is that of this 56 percent, the majority is underinsured and don’t have enough cover to pay-out their existing debts in the event of their death.
The most common excuses encountered for not taking out life insurance are as follows:
Many people believe that because they don’t have a family, then they don’t need life insurance. But this couldn’t be further from the truth. If you’re old enough to incur personal debt, then you should have life insurance that covers these bills in the event of your death. Otherwise your family inherits your debt and they are left to pay-off your bills.
I Don’t Have Time
A life insurance policy is quick and easy to organise. It’s just a matter of deciding on the level of cover you need. To determine this add up your existing debts, include enough to cover funeral expenses and, if you have a partner, then to support their living expenses for 12 to 18-months. This then allows them to get back on their feet financially, should anything happen to you. If you have a mortgage, then it’s suggested that you have enough cover to pay this out.
Life insurance premiums are typically paid on a monthly basis. Fees rise with age, smoking status and existing medical and health conditions. If you’re a non smoker, under the age of 45-years, then life insurance could cost you around .50c to $1 a day. This is less than a cup of coffee.
Other Financial Commitments
Many people believe that life insurance is un-affordable and will add to their financial commitments. But, the truth of the matter is life insurance is cost-effective, adds very little expense to your existing financial commitments, and allows your family to pay-off any of their existing debt in the event of your death
I Don’t Know What Cover to Buy
Life insurance brokers can offer you advice based on your existing financial commitments and personal situation. Their services are typically free and they can compare policies quickly and effectively to find you the most comprehensive cover at an affordable price.
Don’t wait another minute to take out life insurance. Contact eChoice today and find the right policy for YOU.
Written by eChoice