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  1. #1
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    Default Life Insurance...do you have it? Is it a good idea?

    Hi All,

    As the Title goes....do you have life insurance and/or is it a good idea?

    All the ads on TV have me thinking that maybe we should get some but I am just not sure.

    What do you think?

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    I guess the question you should ask: if you died without life insurance, what would happen to your family? If they would financially struggle without you, then you should have it.

    For example, my partner and I both work part time, and we have a mortgage on our home which is our main expense. If one of us died, then the other would have to work full time (leaving our children in full time care which we don't want). Although if I died, my partner probably couldn't pay the mortgage on his full time wage anyway.

    So, we both have life insurance policies as part of our super. It doesn't cost much, and there is about $400-$500k of cover for each of us, which is enough for our current situation (but, optimally would probably be a bit higher), in that it could pay the mortgage off with some leftover.

    If we both died, then it would provide a paid off house and excess funds for our children.

    Whereas, if I was single with no children, then I would see it as pointless.

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    I can't afford it.

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    Quote Originally Posted by MsMummy View Post
    I guess the question you should ask: if you died without life insurance, what would happen to your family? If they would financially struggle without you, then you should have it.
    This. We have it as part of our super too, so it doesn't cost us anything. I've got $500k cover and DH's cover is a bit higher than mine I think. It's been a while since we set it up!

    I think it's something you should do if you can. If my DH died and we didn't have it, I'd be in big trouble. But with it, I have some space to grieve and work things out while still being able to pay the bills.

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    We have it now. Couldn't afford it previously, but we managed to fit it into our budget (but only for my husband who is the sole income earner right now). I just need to know the kids will be taken care of should something happen.

    I think nowadays, with so many families doing it tough and living week to week, it's especially important coz it's not like they have savings to fall back on. Sad thing is, it's usually these very same families who can't afford it.

    Most super funds do offer it at no extra cost tho, so maybe check that out

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    We have it - through our super and an addtitional policy. More than enough to cover the mortgage, kids schooling etc should something happen.

    I never was big on insurance until I had my house robbed in my 20's with no insurance. They took EVERYTHING! I've never not had insurance ever since.

    Its one of those things - you dont realise the value of it until you need it.

  7. #7
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    Thank you Ladies! Food for thought!

    I will also check Super as well to see what we can get there.

    Greatly appreciate the info

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    Quote Originally Posted by Michelle_N View Post
    Thank you Ladies! Food for thought!

    I will also check Super as well to see what we can get there.

    Greatly appreciate the info
    While you are checking with your super fund, ask them about income protection insurance, ie. they pay out a percentage of your wage if you cannot work due to injury or illness. the policies vary in that some you have to wait 30, 60, 90 days to claim, and some only go for 2 years, some keep going.

    We both have income protection as part of our super, as we would be stuffed if we couldn't work, and centrelink is inadequate.

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    Quote Originally Posted by Californication View Post
    This. We have it as part of our super too, so it doesn't cost us anything. I've got $500k cover and DH's cover is a bit higher than mine I think. It's been a while since we set it up!

    I think it's something you should do if you can. If my DH died and we didn't have it, I'd be in big trouble. But with it, I have some space to grieve and work things out while still being able to pay the bills.
    How do you organise it through your super if you don't mind me asking? We have it but not through our super - I think we get some income protection with the super but that's it. Would be keen on looking into it more

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    We have income protection and trauma cover as dh works for himself. He owns a truck that alone is $1700 per month in payments.
    If he was really sick, hurt himself or was diagnosed with cancer etc we would be covered.


 

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