Do I need life insurance in my 20s and 30s?
Life insurance isn't just for the elderly anymore
Trying 10 different flavours of wedding cake: Fun!
Working out which song you’ll lock in for your first dance: Fun!
Sitting down with your future spouse to chat through your finances and future plans: Not so fun.
Being forced to add your long-lost Aunty Donna who you’ve never met to the guest list: The worst.
Planning a wedding is about so much more than the actual wedding day itself; it’s about preparing for marriage.
So whether your wedding is a few weeks or a few months away, to put yourself in the best position for a long and healthy partnership, here are a few things you might want to consider before tying the knot.
You’ve picked out a colour theme, chosen a DJ and locked in the guest list, but there’s one slightly-less interesting thing you might not have ticked off your list before getting married: talking about your finances.
No, we’re not referring to how much you’re going to be spending on your big day (although that’s an important discussion in itself) it’s more about taking the time to understand your partner’s current financial state.
According to Relationships Australia, financial stress is the number one cause of a relationship breakdown. You might already be across your future spouse’s spending habits, financial goals and existing debt, but if you’re not, here are a few handy questions you can ask to ensure you’re on the same page:
Be it furniture or finance, there comes a time in every relationship where a couple starts to combine their assets. You might have already opened up a joint bank account and worked out who’s couch better suits your living room, but have you thought about combining your health insurance policies?
Knowing you’re covered if you or your fiancé are in an accident or get struck down with an illness can bring serious peace of mind. And, there are financial benefits too. If you don't have private hospital insurance, and as a couple you earn over a $180,000, the Government will charge you a Medicare Levy Surcharge (MLS) at tax-time.
Having private hospital insurance can help you and your partner avoid this cost. For more information, check out our article on when to move from singles to couples cover.
Plus, while it might seem too early to start thinking about having kids, it might be in your best interests to plan ahead. If you’re planning on having a baby within the next year or two, the time to start thinking about pregnancy cover is actually now.
If you choose a cover which includes pregnancy and birth-related services, a 12-month waiting period will apply if you’re new to nib or have just changed to that cover. That means you’ll need to be on a health cover that includes pregnancy for at least three months before you start trying to fall pregnant.
When you’re preparing for the happiest day of your life, the last thing you want to think about is what would happen if one of you were to pass away or be diagnosed with a terminal illness. But, the reality is that you’re now sharing your life, your assets and your debt with someone else, and it’s important to ensure you’re both protected from the unexpected.
With the right insurance cover, you can have peace of mind knowing the life you have worked hard to build for you and your fiancé will be financially protected.
Find out how easy it can be to safeguard your loved ones and protect yourself from the uncertainties of the future with nib Life Insurance*. Get a free quote today to see how affordable getting covered can be.
*This information is for Australian residents only and may be subject to change.
Any advice is general in nature only and does not take into account your financial situation, personal objectives or needs, so before acting on it, you should consider its appropriateness for you, having regard to those factors. Before making any decision to acquire or to continue to hold nib Life Insurance or Income Protection, you should read the Combined Product Disclosure Statement (PDS) and Financial Services Guide (FSG) .
TAL Life Limited ABN 70 050 109 450 AFSL 237848 is the issuer of the life insurance benefits, and St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 is the issuer of the Involuntary Unemployment Cover available as part of nib Income Protection. nib health care services pty ltd (nib) ABN 91 003 037 625 is an authorised representative (AR Number 321683) of TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260, which promotes these products. nib does not guarantee or accept any liability under nib life insurance products or income protection products.