When should I get life insurance?

Major milestones happen at different stages of our lives from getting married to having children, buying a house or settling down for retirement.

For each of these significant life stages you can be certain of one thing – taking the right precautions such as helping to ensure some financial security for you and your family could make sense.

Getting Started in Life - If you are a young professional and had to stop work due to an unexpected illness or injury, how would you cope financially? Life Insurance can be useful for those in their twenties and thirties.

Getting Married - Life Insurance could help shape the future for you and your long-term life partner once you’ve tied the knot.

Taking out a Mortgage - Taking out a mortgage is generally a big financial commitment for anyone. Thinking about Life Insurance is a natural step to take after getting a mortgage on your home to give you peace of mind knowing your finances would be covered should the worst happen. 

Raising a Family - When you start or grow your family, you may want to ensure you have adequate Life insurance in place. Being a parent means being able to give your children the financial support they need to get by. 

Seniors - Approaching retirement age can change the way you think about planning for the future. Having Life Insurance can offer that additional financial security and peace of mind in the event you are diagnosed with a terminal illness or sadly pass away with an upfront Terminal Illness Benefit or Funeral Advance Benefit.

‘Life insurance’ is often used as a broad term to describe a range of insurance types. 

Income Protection Insurance 

Income protection insurance can be paid if a serious illness or injury prevents you from being able to earn an income for a period of time. Waiting periods apply for when you will need to be off work before you become eligible to receive payment. These often range from 30-90 days.

Life Insurance 

Life insurance is designed to provide a lump sum payment if you were to pass away or, in some cases, an early payment if you’re diagnosed as terminally ill.

Trauma Insurance 

Trauma insurance, can provide cover for a covered serious medical issue. (Think cancer, a heart attack, a stroke or a severe injury.)

Total & Permanent Disability Insurance

Total and permanent disability, often referred to as TPD, insurance can cover you against the possibility of not being able to ever work again due to an injury or illness. 

Live your life with peace of mind knowing that if something were to happen, you would be covered and your family looked after. 

To discuss further please call The Money Edge on (07) 4151 8898 or email mail@themoneyedge.com.au to organise an appointment at our Bundaberg office.

Disclaimer: This content provides general information only, current at the time of production. Any advice in it has been prepared without taking into account your personal circumstances. You should seek professional advice before acting on any material.

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