How to make sure you’re protected at every life stage

ARTICLE
30 March 2022 dot 4 mins read

It’s a good idea to regularly revisit your personal insurance to make sure it’s giving you the level and type of cover you need at your specific stage of life. Here are some things worth considering to make sure you, your partner and your family are protected.

Research shows that Australians are largely underinsured, with that gap widening between 2017 and 2020.1 Part of the problem may be that we tend to ‘set and forget’ our insurance – even as our circumstances and responsibilities evolve throughout our lives.
 
That’s why it’s so important to regularly review your cover to make sure it’s still the right level to protect your lifestyle, loved ones and financial goals. Here’s what to consider as you move through different life stages.

Young and single

While you may not be thinking about life insurance when you’re young and healthy, there are still the risks of injury and illness. What’s more, an extended period without an income can do serious damage to your finances. So, if you’re away from the office for longer than your sick leave allows, you’re going to need a safety net.

Which insurance should you consider?

  • Income Protection
  • Trauma Insurance
  • TPD (Total and Permanent Disability) Insurance

Young couple

Consider how your lifestyle would change if you were left without an income – for example, you might not be able to save for a house deposit or keep up with your mortgage. And if you were off work for some months, you’d still need to keep up with regular living expenses and loan repayments, ideally without eating into your savings.

Which insurance should you consider?

  • Income Protection
  • Trauma insurance
  • TPD
  • Life Insurance

Family with kids

Once you have kids relying on you, your financial responsibilities increase. Your income is a vital asset: you need it to manage debt, stay on top of bills, pay your children’s school fees and keep up with other necessary expenses. That’s why it’s worth taking the time to get your insurance sorted – so you can make sure your family’s lifestyle is protected.

Which insurance should you consider?

  • Life Insurance
  • Trauma Insurance
  • Income Protection
  • TPD

Mature and independent

If you’re single and enjoying life, your income is key to the lifestyle you cherish – so it makes sense to protect it with a financial buffer. That way you’ll be covered against accidents or illnesses that could take you out of the workforce for a while. Or, if you’re raising children, you’ll also want a financial safety net that ensures they’ll be taken care of, even if something happens to you.

Which insurance should you consider?

  • Life Insurance
  • Trauma Insurance
  • Income Protection
  • TPD

Need more guidance?

Talking to a financial planner can help you understand your situation and make confident financial decisions (big or small) so you can get the most out of life.
Disclaimer:
Copyright © 2022 AIA Financial Services Pty Limited (ABN 68 008 540 252, AFSL 231109), trading as AIA Financial Wellbeing. All rights reserved. This information is current at the date of this publication and is subject to change. This provides general information only, without taking into account factors like the objectives, financial situations, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, health, medical, nutritional or other advice. Before acting on the information in this publication, individuals should consider its appropriateness having regard to such factors.

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