I never thought it would happen to me...

Most people probably don't think too much about insuring their car, home, boat, personal possessions; yet when it comes to insuring themselves against life's risks of sickness, disability and death, a recent survey showed that 63% of respondents with a partner had not discussed life insurance with their partner and a further 29% responded that life insurance was too unpleasant or too difficult to discuss.¹

One of the biggest shocks after a major catastrophe, such as the death of a loved one, is that life has to go on, the mortgage still needs to be paid, the school fees continue and the day to day bills don't stop. Life insurance may provide financial support for your family through difficult times.

It was all going well until...

It's easy to be caught up in the business of daily life, going to work, taking the children to school, shopping and running the household. But, if you were to suddenly lose an income how would daily life be impacted? At that stage it's probably too late to think about taking out insurance protection.

What if...?

It's surprising - and alarming - when you realise how easily everything can change. In 2002, 7,820 deaths were recorded as accidental; and accidental deaths are the leading cause of death in those under 45 years of age ². What would happen in this situation? The loss of an income could create financial hardship. Consider how would the mortgage payments be made and would you be able to continue to afford the school fees and day to day household bills?

Protect your own quality of life

Critical illness and permanently unable to work insurance (also known as total and permanent disability or TPD) are designed to provide a lump sum in the event of serious illness or permanent disability. These types of insurance can help to reduce debts, such as the household mortgage, and can also be used to provide an income that can cover medical expenses, rehabilitation needs and may allow for longer periods of time off work to allow for medical treatment to be received.

And protect your family's future

Life insurance pays a lump sum in the event of death and can help to allow a family to clear debts, such as the family home's mortgage. The insurance can also cover loss of future income so that school fees and daily living expenses can be met. It allows a family to make their own plans for the future without financial worries - because life does go on. And that, of course, is exactly what you would want for them.

The information in this article is about life insurance and related products generally and not a specific product.

¹ING Australia's Attitudes Towards Life Insurance, December 2008
²Australia's Health 2004, Australian Institute of Health and Welfare (AIHW)

The information contained on this website is general information only. It does not take into account your individual objectives. financial situation or needs. You should therefore consider the appropriateness of the insurance having regard to your objectives, financial situation and needs. Prior to making any decision about an insurance product you should read the Product Disclosure Statement (PDS) for it. If you require assistance to determine if an insurance product suits your objectives, financial situation and needs then you should seek advice from your financial adviser.