The good news is that if you live in Australia, you have one of the highest life expectancies* in the world. If you live in Canberra, it's even higher!+ But that's no reason to be complacent - events in life, and then death, are often unexpected. Life insurance is one way to help protect yourself and your family from the potential financial consequences of an unexpected death.
How long have I got, then?
Now that you've packed your bags for the ACT, let's get a few things straight. Our increasing longevity is despite our lifestyle, not because of it. Death rates are decreasing thanks to medical breakthroughs and public health measures. So you still have a big part to play in making sure you reach your potential life expectancy - and there is a lot you can do right now about your health.
Make the best of today, and the future
All the things that life insurance policies take into account are the things that impact on your life expectancy. Your family medical history, and the risk of being hit by a bus tomorrow, are out of your control but smoking, drinking, your weight, hobbies, work habits... these are things you can change. A healthy lifestyle can often mean lower premiums!
It's also about quality, not quantity
You could live to be a hundred years old. But it wouldn't be much fun if you had spent a good part of your working life unable to earn an income thanks to illness or an accident. Life insurance can also help to protect your quality of life if you become seriously ill or injured and more importantly it can help to protect your family's quality of life if things go badly wrong sooner than anticipated.
Don't put it off until tomorrow
A lot of people put off sorting out their life insurance for another day. Or not at all. Taking out a policy when you're young and healthy is the simplest way to get cheaper insurance. And tomorrow could be too late; you could become uninsurable in the blink of an eye - or the honk of a bus.
*ABS - 1301.0 - Year Book Australia, 2007
+ABS - 3222.0 - Population Projections, Australia, 2006
The information in this article is about life insurance and related products generally and not a specific product.
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.