Bread and butter

For people on a tight budget, putting aside some money each month for a life insurance policy is still a great idea. It's a way of investing in future security for your nearest and dearest if you became permanently unable to work - or worse. You may be surprised how little it can cost to purchase cover.

The Bare Necessities of Life...

Life Insurance can help to make sure those who depend on you should at least have the bare essentials taken care of, if you can't provide for them any more. And life insurance can cover more than your death - it could look after you, if you become critically ill or permanently unable to work

...Will Come to Them

If you're no longer around - perish the thought - your family may struggle to keep the roof over their heads and food on the table. So sit down with your partner and figure out what you need to take into account. Think about how much the family spends on food, clothing and rent or mortgage repayments - even the cost of running the family car or bus fares every month, plus what the children will need as they get older.

Ask the Right Questions

To some, life insurance is a new concept to deal with, and there are so many types of cover at different costs. It can be a bit overwhelming at first, but a good starting point is to consider your debt circumstances and earnings. The internet can be a valuable source of information, but if you are unsure you should speak with a financial adviser.

Give the Right Answers

When you're on a tight budget, you need to know you're getting the right policy for your money. But equally, you need to make sure you give your insurer all the information they ask for - otherwise you might end up missing out on a vital aspect of cover. Insurance is based on good faith, so make sure you're honest with yourself and your insurer about your circumstances.

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

Important Note:

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.