From the moment you take out life insurance you will be prepared for the financial repercussions that can come with some of life's unexpected twists and turns. If you're young it can help you maintain your quality of life and be financially independent - when you need it most. And if you have a family it can ensure that they can still gain from the experiences that will prepare them for their future, like education and travel.
Post-school, many people are focused on their life ahead, from careers, to friends and travel. While you might not have responsibilities like a mortgage or children, being young and single does not mean insurance is obsolete. While it's difficult to imagine what life would be like in the event of serious illness or injury, these things can happen at any age and the impact on present and future finances and lifestyle can be equally devastating.
While no one plans on getting sick or injured, it's important to ensure that you and your family are financially secure in case you do. At Allianz, our Permanently Unable to Work cover (also known as TPD) pays a lump sum if you either suffer a sickness or injury, which renders you likely to never be able to work again^. If you suffer from a listed Critical Illness event^, our critical illness cover (also known as Trauma cover) pays a lump sum benefit, regardless of whether or not you are able to work.
Having a personal insurance plan can help you maintain your financial independence and more importantly, provide you with the financial means to realise your life goals.
Couples and young families
Settling down with a partner in a new home or starting a family requires consideration of the sorts of responsibilities you will be taking on as your family grows. In the event that you or your partner becomes seriously ill or injured, and unable to work, how will you manage to keep the bills from piling up? How will you afford to pay off a mortgage, keep out of debt and provide financial security for your growing family? This is where our life cover can help.
Taking out life cover can ensure that your family's financial future is secure in the event of your death or on diagnosis of a terminal illness^. The payment can help cover financial obligations, such as the mortgage, your child's school fees, the bills, and more.
For young families especially, the cost of a child's education can be overwhelming. Without substantial savings it may be difficult to afford everything that goes with sending a child to school including uniforms, textbooks and transport. If you are looking to provide your child with a private education[/life-insurance/paying-for-private-education] or planning to fund them through University [/life-insurance/paying-for-a-university-education], then taking out life cover can give you peace of mind that their education needs will be taken care of, even if you can no longer earn an income.
What happens when the kids grow up?
If your kids are getting older, your career is advanced and your family responsibilities have started to ease, then you may be focused on enjoying the life you have built. And while it's important to enjoy the fruits of your labour, it's also worth spending some time thinking about how you're going to protect it.
The reality is that the prevalence of disability increases with agei and at the same time, health risks such as long-term and critical illness are more likely to occurii. While no one plans to get sick, injured or die prematurely, it may be worth your while reassessing your level of life insurance cover if you fall into the category of maturing families.
Taking out a combined cover - Life cover with either, or both, Critical Illness cover or Permanently Unable to Work cover - may be an option you want to consider. With a combined cover, you can rest assured that you will have the financial means to cover medical expenses, as well as maintain quality of life in the event the unfortunate occurs.
Staying one step ahead
A life insurance policy that suits your stage of life is something worth thinking about. In the event you become sick or injured, and unable to work, life insurance can provide the financial means to preserve the quality of life you want for you and your family.
Providing future financial security for your family should never be an afterthought. Stay one step ahead and visit the Allianz Website life insurance to find out more about the right level of life insurance cover for you.
Refer to the Allianz Life Plan PDS for more details.