How much does it cost to raise a child in Australia?
There’s no denying it: becoming a parent changes everything
As millennials, we’re focussing on our career, getting married older and waiting longer to have kids.
And while every shock-jock in town thrives off telling us that we’re lazy and entitled, we’re furthering our education (we’re the most educated generation), trying to fight social injustice and busy combating climate change.
So life insurance hasn’t been high on the list of priorities, but it should be.
Life insurance gives your loved ones a lump sum payment in the event of your death or if you’re diagnosed with a terminal illness. It can be used to cover debts (like mortgage, credit cards or car loans), pay for medical expenses, cover everyday living expenses or even as a nest egg for your loved ones’ future.
We’re young and healthy; heck, some of us even think we’re invincible. On top of that, many of us aren’t even married and don’t have kids yet. So why should we consider life insurance?
Taking out life insurance when you’re young and healthy means your premium will be lower than taking it out once you’ve developed health conditions. Once you’ve been diagnosed with a health condition, you could be charged a loading or have exclusions applied to your cover.
There are many illnesses and diseases that even the fittest, healthiest young person can develop
Accidents don’t just happen on the footy field, in the ocean or on the road. In Australia, accidents are one of the leading causes of death for people under the age of 44. The moral of the story? None of us are immune from accidents.
There are many types of serious illnesses and diseases that even the fittest, healthiest young person can develop. That’s why it’s so important that you have regular health checks. Not sure where to start? We’ve developed a series of articles to guide you – Health checks in your 20s and Health checks in your 30s.
There’s a number of factors that come into play when determining how much you should be covered for – debts, income and whether you have children.
For more information, to chat to a specialist or to get a free quote, head to our Life Insurance page.