And if so, what do you pay, whats ur cover and who are you with?
Its something that id never really considered but we got a call from Virgin insurance and im thinking about it. We dont want to spend alot (as we just cant afford more expenses) so maybe $10 a fortnight or something like that.
I got quoted $200,000 standard life insurance cover for each myself and my dh for $22 a fortnight.
Is there anything i need to know, any tips? Any catches? I feel a bit uneasy about it all tbh and i find it hard to trust these companies!
He made a good point tho, that we happily pay out more for our car insurance.
Im really unsure so any help appreciated!
ETA - We have no debts - no mortgage, car loan, credit card etc
View Poll Results: Do you have life insurance?
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08-05-2013 09:58 #1
Do you have life insurance?
Last edited by SoThisIsLove; 08-05-2013 at 10:01.
08-05-2013 10:08 #2
After reading up on it a bit is is better to get income protection, or both?
It starts getting a bit out of hand as far as cost. Theres insurance for everything these days!
08-05-2013 10:11 #3Senior Member
- Join Date
- Dec 2009
Both myself and my husband have life insurance and income protection as part of our superannuation. Check what cover you already have- we opt to pay extra for extra units but as it comes out of our super it doesn't affect our day to say budget
08-05-2013 10:25 #4
Yes - we both have life ins and DH (at least) has income protection - I wasn't working when we did the policies.
This is over and above any insurances in our super.
If we have multiple policies - they all pay out, right??
08-05-2013 10:40 #5
We have both life insurance and income protection. Yes your superannuation does cover you, your spouse for certain things, but a lot of the time (especially with the death/terminal illness benefit) your super policy will just be added to your superannuation balance, which is not accessible until you retire.
Your best bet is to see a financial advisor (most banks will have one you can see free of charge- if you're a customer). Ours tailored our policy to include the benefit that will be paid out (or in) with our super.. and we are only paying for the extra amounts we wanted to be covered for.
We pay around $230 a month, but we have also included our kids in our policy (sickness/death/education benefit). Something that a lot of people don't think to include. But if your child falls ill (temporarily or terminally) and if one or both of you are unable to work, medical bills and income are both protected.
There's a lot to consider, so shop around and make sure you're comparing apples with apples! HTH xx
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08-05-2013 10:45 #6Senior Member
- Join Date
- Jun 2011
We have life, income & TPD.
Due to my husbands industry he works in we pay income & TPD for him outside of Super but his life, my life, TPD & income are through Super.
My husband is insured for 1.1 and that costs $101 p/m. I'm insured for $800k death, $612k TPD & $60k income (per year) - I pay $121 p/m. This is all through Super.
For my husbands TPD is $612k he pays $58 p/m & his income protection for $60k (per year) (highest amount he can get ) is $101 p/m.
Keeping in mind my husbands industry puts his insurances up as higher risk work. Can you also claim your income protection on tax.
We are insured through AMP & AXA.
08-05-2013 10:46 #7Senior Member
- Join Date
- Jan 2013
Yes. If either I die or my hubby then we both have enough to pay off all mortgage, see to children's education and any Nanny/ house cleaner expenses if necessary. I pay about $50 a month and hubby about $100. His includes Total permanent disability, trauma and the children and is for a sum somewhat more than mine which is just trauma (like cancer etc) and death.
Life insurance is there to see that stress is taken off of the surviving spouse who may have to take a fair amount of time off of work to deal with new structures with children not to mention the grief.
Last edited by Notably Nutty; 08-05-2013 at 10:48.
08-05-2013 11:27 #8
We have a rather large life insurance and our preimums are in the range of $1100, to $1200 yearly. We have income protection insurance through the business. The income protection we have had to use while hubby was having radiation treatment and that was very worthwhile. Do investigate what you need and what you are able to afford, dont put it off, it is something you have to have in place before you need it. marie.
08-05-2013 11:29 #9Senior Member
- Join Date
- May 2006
Yes, we both do, we only have 100,000 each and that costs 50 a month with virgin. But that is ontop of our super insurance.
Have you got super? If so give them a call and find out what your death benefit is before you sign up to life insurance.
The Following User Says Thank You to beebs For This Useful Post:
08-05-2013 11:30 #10
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