How much are you worth?

26 Jul

I never really think about life insurance. I’m one of those people who likes to believe that Aaron and I will live to be 100 and nothing bad will happen to us. It’s a nice thought. But now that we have kids, we have to think about things like life insurance, no matter how unpleasant that may be. Sigh.

To help with such things, here is a post sponsored by GIO:

In the lead-up to the end of financial year, you may have noticed a few subtle prompts to
encourage you to get health insurance and to remind you about lifetime health cover loading.
Now it’s all over. You managed to get your sensible hat on, and you sorted out suitable cover for
you and your family.

Or maybe not.

It’s not always easy to get round to doing the big things when there are so many small things
to do in day-to-day life. Making breakfast, doing the laundry, making lunches, going to work,
taking the car in for a service, helping with homework, doing the vacuuming, washing the dishes,
making dinner, washing the dog, finding the pet hamster… and sleeping, at some point.

Getting round to the financial stuff not only takes time, it can take significant effort. However,
if you don’t keep on top of it, things can get a bit tricky. One of the big things to get sorted out if
you have a family (or even if you don’t), is life insurance.

Getting life insurance (click here to get started) is something many people put off, for one reason or another. You may be put off
by the time it will take to research all the providers and policies out there. You may be put off
because you don’t think having life insurance is all that necessary. You may be put off because
you don’t like to think that bad things could happen.

Whatever the reason, now is the time to set all that aside. While life insurance may not be
something you want to dwell on, it does provide a service – one that could make a huge
difference to your family, should the worst happen.

Depending on the cover you choose, your life insurance policy could provide a lump sum if
you become terminally ill, or if you die. You could also get funeral cover, which can provide a
payout quickly, to help cover the costs of a funeral.

You could get income protection insurance, that can help out financially if you are unable
to work. You could also get accidental injury or accidental death insurance, which can offer
financial help in the event of an accident.

There are numerous options, each with their own benefits. You will usually find you can tailor
the insurance to suit your own situation, and choose a level of cover that will benefit you and
your family the most.

Shopping online can also make the process of choosing the right policy much easier. You can
use a comparison site to make a quick evaluation, and you can use each provider’s own site to
find out more information, read the small print, and find the most suitable option. It’s much
quicker and much more simple than it used to be, and then when it’s done, it is done.

To make the process even easier, here a few things to look out for:

Find the right level of cover: Some people take their annual income and multiply it by ten to get
their level of life insurance cover. Some people use online calculators. You could also speak
to a life insurance expert, or a financial adviser – just make sure they are independent and not commission-based, so you know that the information they give you is not skewed towards any one product.

Make a short-list: With so many products out there, it can help to take a good look over all the
possibilities and then make a short-list. When you have the short-list, you can then look more
closely at the details, to find the policy that has all the features you need.

Read the PDS (Product Disclosure Statement): Always read the small print. This can be time-
consuming, but with something as important as life insurance, it really pays to make sure all the
details are correct. Check for exclusions, or any reasons you may not be eligible for cover.

Tailor your policy: Life insurance is not once-size-fits-all. Most insurers will allow you to tailor
your policy so that it best suits you. Check for any additional features that can be added on, such
as premium-free child cover (free cover for children added on to the policy).

Take stock: Review your policy every year or so, or when something big happens, like having a
baby. You may need to adjust your current policy, or look for a new one that is more suitable.

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Copyright 2012 Sheri Thomson

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One Response to “How much are you worth?”

  1. johnnytutt July 3, 2013 at 3:03 pm #

    The peace of mind life insurance provides overides any short term pain in terms of cost and time required to obtain it. And the older you get, the harder it is to get and the more expensive it is. Do it now.

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