Do you have the cover you need?
When you’re working out the amount of insurance cover you may need, you should consider:
- your current assets, liabilities and monthly expenses
- how dependent your family is on your income and whether they could meet expenses without your contribution to the household
- how dependent your family is on your time (or your partner’s time if you’re taking out life insurance for your partner too). Remember, things you do such as driving the children to extra-curricular activities, for example, may need to be done by someone else and that costs money
- if you have young children, remember that you may need cover that will provide an income for your family until your children reach adulthood, including medical, food, education, clothing and entertainment expenses, and
- if you don't have any dependants, then you may not require much life insurance at all.
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.
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.