Life insurance for young families

Life insurance is there to protect your young family financially if something happens to you

Every family is different, but the one thing that unites parents is the desire to do the best by their kids.

However, life won’t always follow the path you set so it’s important to be prepared. Unfortunately, many young families in Australia are facing an underinsurance gap¹, which means their partners and children may not have enough to meet their financial needs if the main provider passed away.

Even though the risk may be unknown, many people feel that it’s worth planning for the financial challenges that their family would face should they pass away or be diagnosed with a terminal illness.

Life insurance products available direct through Choosi offer a lump sum payment of up to $2 million (depending on your age and policy) that helps give your family financial security in the event of your death. It can make life’s great opportunities still possible for your partner and children: travel, education, and a comfortable quality of life.

What type of life insurance could I get to protect my family?

Life Insurance

Cover for death or diagnosis of a terminal illness.^
Lump sum up to $2 million, depending on your age and policy.
Cover can be adjusted to suit your individual needs.

Children's Insurance

Covers your child for death, diagnosis of a terminal illness or a specific and defined serious injury or illness.
Usually available as optional cover with Life Insurance policies.
Lump sum payment (up to $50,000) to help with funeral costs, medical expenses, or other family needs should the child pass away.
May be limited to be available for children who are Australian residents between 2 and 17 years of age. Waiting periods may apply.

Total and Permanent Disability Insurance*

Cover for when you become totally and permanently disabled.
Usually available as optional cover with Life Insurance policies.
Can go towards medical bills and ongoing care such as the costs of treatment and rehabilitation. Benefit paid in full if you suffer a disability which leaves you permanently unable to work.
Lump-sum payment of up to $1 million (depending on your age and Life benefit amount).
Eligibility between ages 18 and 60 and working at least 20 hours per week.
Cover may expire after you turn 65.

Serious Illness Insurance*

Cover for a range of defined serious illnesses.
Often available in as optional cover with Life Insurance.
Assists with paying extra expenses during a defined serious illness.
Lump-sum payment of up to $500,000 (or 50% of life insurance benefit amount).
Eligibility between ages 18 and 59.
Cover may expire after you turn 65.

^ For the policies available direct through Choosi diagnosis of a terminal illness means where life expectancy is 12 or 24 months or less (depending on the policy) and cover is excluded for death or terminal illness as a result of a self-inflicted injury in the first 13 months.

* Payment of any Total & Permanent Disability or Serious Illness benefit (if applicable) will reduce the available death benefit.

As a young family, life insurance could offer you:

Peace of mind for your children’s future – whether it’s education and school fees, weekend sports, or just everyday living costs, it’s good to know that your young kids will be looked after financially if something were to happen to you.
A way to look after the family home – if you’re worried about your family keeping up with the mortgage after you’re gone, life insurance may help your partner with the ongoing costs.
Optional benefits such as Children’s Insurance – you can cover your children between the ages of 2 and 17 for a death, terminal illness, or defined serious injury or illness which can help with any unexpected medical costs or other arrangements.

Get a quote

We can't avoid the unexpected, but we can plan for it. If you would like to find out more about life insurance and how it can help your family, speak to Choosi's team of Choosers on 1300 363 5261300 363 526.

Request Quotes

This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product. Choosi offers insurance products from a range of brands but does not compare all products available in the market.

References

Australia's relentless underinsurance gap, https://www.ricewarner.com/australias-relentless-underinsurance-gap/

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