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Life stages – Which insurance is right for me?

Life insurance is an important investment, but different types of coverage can deliver even better value at different points in your life.

Many of us put off thinking about life insurance until we’ve achieved a particular milestone in life such as buying a house or having children. Whilst these are no doubt important times to review your life insurance needs, life insurance is about more than just big game-life changing moments. By looking into coverage that’s suitable for you today, you’ll also be able to make smart decisions for the years ahead.

Getting ahead while you’re young

Your twenties are all about finding your place in the world. It’s a decade when you’re moving out of home, navigating the first steps of your career and travelling the world. While taking out life insurance so young might seem unnecessary to some, it can be a wise decision for others.

People in there twenties should also consider Income Protection and TPD insurance if they are  earning an income. Trauma insurance is also another type of insurance to consider as well as life insurance depending on the individual’s personal situation.

Getting your insurance cover organised while you’re young and fit means you’ll be able to avoid any loadings or exclusions which may hinder you when you’re older and medical conditions are more likely to be a problem. Taking out cover whilst young also means that ‘level premiums’ may be more suitable in order to save money on insurance premiums down the track.

Settling down and protecting your loved ones

Your insurance needs will probably change when you’re in your thirties, as this decade is when most people start settling down. According to the Australian Bureau of Statistics, our early thirties are when we’re most likely to get married and have our first child. Once these ‘life events’take place it is a good adviser to seek advice from a financial adviser who can customise your insurance to meet your needs and help provide financial security.

Planning for retirement and beyond

The prospect of retirement is on the horizon, sound financial advice is key to setting you up financial for the years ahead. While you may be looking forward to having fewer day-to-day responsibilities and expenses, there are still benefits to having life insurance in place in your golden years. 

Maintaining a life policy so that you can leave money for your partner after you die- a key part of estate planning- is a common reason retirees retain life insurance. Other circumstances that may encourage you to keep some cover in place may include the need to provide for dependents, setting aside money for your funeral or the desire to cover any outstanding debts.


The information within is general advice only, prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs


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