Family Finance Health and Fitness Lifestyle

What You Should Know Before Buying Life Insurance

According to a 2017 survey published in the Sydney Morning Herald, 38% of Australian families do not have life insurance. This could very well be a silent issue waiting to make life much more difficult, should a catastrophe arise.

Let’s face it, no one wants to talk about life insurance nor comment on how having a life insurance policy is a must-have for today. But the truth is, it is. Despite COVID-19 forcing public health into the public consciousness, it’s easy to think that the worst could never happen to you, your spouse, or a close family member.

Yes, it is a morbid thought to consider the potential “benefits” of the loss of a loved one, but still, a necessary one, and whole life insurance policies often act as the motivation of a crime of passion in a thriller novel here are a few reasons why now is the perfect time to get some life insurance quotes.

Take advantage of this extra time at home.

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With social distancing in effect, many employers have had to send their workforce home to work remotely. With the lack of commuting, comes plenty of extra time in the day to do other things. Therefore, take advantage of the extra time at home and research different life insurance policies from the comfort of your own home. After all, once the novelty of being at home has worn off, and all of the extra DIY jobs and repair work has been done, one great way to find some sense of normalcy, in the long run, would be to set some financial goals.

If the previous year has taught us one thing, it’s that our mortality has a great way of reminding us that it is always finite. Tomorrow is not promised to anyone, and we don’t know how much extra time we might get after a major accident, illness, or tragedy. There is no shame in remembering that extra money is needed after death and that financial strength in passing is just as important as in life.

How to find the best life insurance for you.

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Life insurance and what it covers will be different for everyone, and its policies will be defined by a multitude of different factors. The amount of life insurance that you need is dependant on annual income, health risks, equity, long term medical conditions, and medical history, amongst others. In order to find the best one for you, in amongst all of the other financial products out there, a good idea would be to take all of the variables and compare many policies at once, via a comparison website like iSelect.

However, these sites do more than find good policies for you, they can also be used for educational purposes too. Do you know the difference between stepped and level premiums? iSelect has the answers to that and more.

What’s next?

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Life insurance is nothing more than financial stability in the event of one family member’s passing, and peace of mind for those who are left behind. Whilst there can never be a good time to have to use your policy, you can rest assured that with life insurance, you are not stuck with debt or any financial ruin.

With the negotiated premiums of a good policy without breaking the bank, you can then move on to reap the benefits of your investments, and focus on what you have in the here and now. We might not know what will happen next year, or what untold effects that coronavirus will have, but should the worst happen then you can at least be safe in the knowledge that you and your family are secure.