Your kids have left home, and they are hopefully not relying on you financially too much now (but you never know!).
It’s great that as you enter this new phase, you’re re-thinking your, and your family’s future. Some of the things you’ve been discussing might include:
- Given the kids are a bit more independent these days, do I need as much life insurance as I used to have?
- As we get older are we planning properly for any health related issues that might come our way?
- With the cost of my life insurance going up as I get older, is there a more cost-effective option?
- If anything happened to either one of us, is there enough cash available to deal with the immediate needs of the family?
The table below shows you what people who were thinking about a similar future to you have asked for quotes for cover on:
Type of cover Average level of cover asked about
This cover provides for those you leave behind and helps them pay the mortgage, invest in your children’s education, put food on the table and pay the bills.
Adding disability cover to your life policy provides a payment to make life easier if you become totally and permanently disabled.
Adding Critical Illness cover (also known as trauma cover) to your life policy will ease the burden if you suffer from one of the covered conditions.
Income Protection Cover$45,000$45,000$45,000
This cover provides you with a regular monthly payment to help replace your income if you are unable to work due to illness or injury. It provides for you and your family through this tough time.
* Data is provided by Chatswood Consulting Limited and is based on quote data for the period April 2018 to March 2020. This information is not personalised advice and is not a recommendation to purchase a certain level of life insurance.