Why Do I need Life Insurance?
May 26, 2022

Why do I need life insurance?

Is there any value in taking out life insurance?

Life insurance is one of the most valuable types of insurance, even if you are young, fit and single. It is valuable at any stage of life for unforeseen circumstances that might lead to you not being able to work for a period of time.

What is life insurance?

Life insurance provides financial security for you and your family through a lump sum payment for situations where you might be diagnosed with a terminal illness or pass away. Knowing your family will be looked after and have financial security if you were not around, is a huge relief and gives peace of mind. Life insurance is important at every stage of life to ensure you and your loved ones won’t have to face financial hardship, should the worst-case scenario play out.

Health Concerns &Life Insurance

By the age of 85 at least 50% of Australians will have experienced some kind of cancer diagnosis. This can be a minor diagnosis or something more life threatening. The diagnosis may also mean that you are unable to work and provide financial support for yourself or your family. The high prevalence of Cancer in the community, regardless of age, lifestyle or pre-disposition, is cause for concern. Life insurance can alleviate much of the stress associated with long periods of being unwell or unable to work so that you can concentrate on treatment and getting back to full health. Specialist and doctors’ bills can be covered without the added pressure and concern.

Young & Single Cover

When you’re in the prime of your life, having life insurance is probably the furthest thing from your mind. But life can be unpredictable, and it is important to be prepared if something were to happen to your health. At WealthSmart we have the most experienced team of advisors who can provide all the advice you need on taking out the best life insurance policy for young singles. Having personal life insurance is extremely important at any stage of life.

Couples & Young Family Cover

Couples and family life insurance exists to support your family should tragedy occur. This extra protection for your family ensures they won’t have to worry so much about financial hardships if they ever lose you. When you apply for cover you can choose the amount you, or your family, will receive if something happens and you make a claim. The amount you can choose will depend on things like your age and your income. Talk to our expert team of specialists today regarding how to get family life insurance.


Moving into Retirement Cover

Before you decide to cease your life insurance when you retire, there are a few key points to consider:

  • Keeping your life insurance after you retire can help ensure that your loved ones do not have to worry about your debts after your death.
  • Life insurance allows you to choose beneficiaries who will receive a tax-free death benefit that won’t be subject to probate laws.
  • Permanent life insurance can also provide you with income during your life. This could be crucial if you need medical or nursing home care.
  • If you receive a pension or other income that is solely yours when you retire, life insurance can maintain that income for your spouse.

When you retire, you may no longer earn an income through a job, but it’s not the end of your need for a life insurance policy. Whether you decide to keep your life insurance after you retire or give it up depends on your financial security. Not only that, but it depends on if you want to leave your loved ones with money when you pass away. You should also think about the income needs you expect to have when you retire.

The team at WealthSmart can provide expert specialist advice no matter what your age or stage of life. We also take into account your financial situation and recommend the best insurance policy for your needs. Talk to our team today or you can easily complete an online life insurance quote via our website.

General advice warning. This advice does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. Should you require any help please contact Wealth Smart on 1800 765 100.