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Young and single
Being young and single comes with it’s own priorities and financial responsibilities. The key focus of the ‘Young and single’ life stage is financial development. No one plans to get sick, injured or to die unexpectedly. We often have a tendency to think that it won’t happen to us; I’m too young to get cancer or to have a heart attack, or I’m the safest driver on the road attitude is common, and often combined with the I don’t have any dependants relying on me for financial security belief. When actually there is someone - You!
A recent sample survey of young singles with incomes greater than $50,000 found that only:
This compares with the 44% of the same sample who comprehensively insured their car.4
Earning a good income and focusing your energies on your career are generally high priorities for most young Australians. Your aim is to provide for today and enjoy life whilst you can!
With your income being a main focus it allows you to:
Being young and single and having no dependants, you still face many risks to your current and future lifestyle that you should consider. It’s worth taking a moment to consider what would happen if you lost your ability to earn an income. Consider the consequences of permanent disablement – how would you provide for yourself? While it might seem unlikely, the reality is accidents and illnesses can strike at any time, often with quite devastating consequences.
The advantage of having a personal insurance plan is that you can make relatively small payments but instantly you put into place a protection plan that can provide financial security that will avoid you having to rely on:
1Land Transport Safety Authority 2002
2Australian Disability Table IAD89-93 Class
3National Breast Cancer Centre
4Quantum Market Research, AustralianSCAN Consumer Segmentation, 2004
However it is worth considering:
- In 2002 an estimated 30,000 Australians sustained injuries requiring hospital treatment as a result of motor vehicle accidents.1
- More than 60% of Australians will be disabled for more than one month during their working life and more than 25% will be disabled for more than three months.2
- Almost 24% of new breast cancer cases diagnosed in 2001 were women aged 20 – 49.3
A recent sample survey of young singles with incomes greater than $50,000 found that only:
- 20% had life insurance4; and
- 11% had critical illness insurance.4
This compares with the 44% of the same sample who comprehensively insured their car.4
Earning a good income and focusing your energies on your career are generally high priorities for most young Australians. Your aim is to provide for today and enjoy life whilst you can!
With your income being a main focus it allows you to:
- pay the bills and the rent;
- enjoy an active social life and plan that overseas trip;
- buy a car; and
- you always aim to put aside some savings.
Being young and single and having no dependants, you still face many risks to your current and future lifestyle that you should consider. It’s worth taking a moment to consider what would happen if you lost your ability to earn an income. Consider the consequences of permanent disablement – how would you provide for yourself? While it might seem unlikely, the reality is accidents and illnesses can strike at any time, often with quite devastating consequences.
The advantage of having a personal insurance plan is that you can make relatively small payments but instantly you put into place a protection plan that can provide financial security that will avoid you having to rely on:
- Your savings, investments and assets;
- Government benefits which may provide relatively small levels of income; and
- Your family to provide long-term financial help.
Important note:
The insurance is issued by Allianz Australia Life Insurance Limited ABN 27 076 033 782, AFSL 296559. The information contained on this website is general information only. It does not take into account your individual objectives or financial situation. You should therefore consider the appropriateness of the insurance having regard to your objectives, financial situation and needs. Prior to making any decision you should read the
Allianz Life Plan Product Disclosure Statement and Policy Document (PDS). You should seek advice from your financial adviser before deciding on appropriate insurance cover.
The insurance is issued by Allianz Australia Life Insurance Limited ABN 27 076 033 782, AFSL 296559. The information contained on this website is general information only. It does not take into account your individual objectives or financial situation. You should therefore consider the appropriateness of the insurance having regard to your objectives, financial situation and needs. Prior to making any decision you should read the
Allianz Life Plan Product Disclosure Statement and Policy Document (PDS). You should seek advice from your financial adviser before deciding on appropriate insurance cover.
1Land Transport Safety Authority 2002
2Australian Disability Table IAD89-93 Class
3National Breast Cancer Centre
4Quantum Market Research, AustralianSCAN Consumer Segmentation, 2004
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Allianz is Lifewise
Lifewise is an initiative of the Australian life insurance industry aimed at addressing the issue of underinsurance. Australia is one of the most under insured nations in the developed world.