Why we buy life insurance

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In a time of grief, the last thing our loved ones should have to worry about is money. Life insurance is about caring for your loved ones and your responsibility to provide for those who depend on you. In the end, a purchase of life insurance is a purchase of peace of mind.

Added financial security

People take out life insurance in order to secure their family's financial future in the event that they pass away, or are left permanently unable to work. Life insurance can also provide cover in the event that you contract a critical illness. Whether you are single, married or have a family, life insurance can provide you with a sum of money to pay for ongoing bills, fees, medical fees and other household costs, leaving you or your family with extra savings for other things in life.

Without life insurance, your partner will have to cover your half of any outstanding mortgage or asset debts.

If you and your partner share assets such as a home, car or shares in a company, it's important for you to have the financial security that life insurance can provide. If you are unable to earn an income due to death, critical illness or permanent disability, the responsibility of outstanding debts will fall to your partner. In this situation, life insurance will be able to ease the financial burden that would otherwise be on your partner or both of you.

Securing your family's future

We all want to provide the very best for our families, but sometimes accidents or sudden illnesses can get in the way of our plans. Without an income, you and your family's plans for the future could turn into a distant memory. Life insurance, enables you to provide for the people you care about who depend on you financially. With the sum of money you would get from your life insurance, holidays, educational opportunities, recreational activities and living in a comfortable home could still be a reality. The lifestyle of your family could continue with minimal compromise, and you can ensure you continue to provide for your child's future care and fund their opportunities.

Life insurance will take care of financial worries during difficult times.

Minimise debt

Debt-inheritance is a genuine concern for Australians. The average amount of household debt in Australia is $128,000. And for couples with young children under the age of five, the level of debt tends to be highi.

Purchasing life cover can ensure that in the event you pass away, your insurance assists your family financially. By taking out life insurance, you can prevent your family from taking up your debts - an extra worry in a time of grief and distress.

Life insurance is a smart move if you earn an income, own assets or have dependents. We buy life insurance because we care about our family's future: we worry about what would happen to them in the event that we can no longer provide for them. Allianz offers simple and affordable life insurance that will cover you in the event of an unforeseen tragedy. Secure your family's financial future by getting a quote online today for the Allianz Life Plan.

i Australian Bureau of Statistics, 2009, Australian Social Trends: Household Debt, http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4102.0Main+Features60March%202009