Me Covered Life Insurance Site

Is Life Insurance Applicable in all Stages of Life?

Life insurance is applicable in all stages of life as seen below

me-covered-life-insurance-site-png-1Australia is among countries with the highest number of under insured persons in the world. According to the Australian Institute of Superannuation Trustees (IAST), more than half the Australian population is under-insured, and a good percentage of those insured have a cover of a little less than $100,000. Many of these Australian residents are reluctant to obtain life insurance regardless of its importance in one’s life. For more information about Life Insurance visit Me Covered Life Insurance Site today!

Every age group has an insurance policy that is applicable as discussed below.

Singles

Single persons have a free life, as they don’t have anyone depending on them. This however doesn’t mean that they aren’t eligible to life insurance. Although you may depend on your salary to pay for all expenses and mortgage, you still need an insurance cover to take care of unfortunate moments. No one is immune to accidents, permanent acquired disabilities or even death, reasons enough why you should have a life insurance cover regardless of your social status. The insurance cover helps ease payment hardships, and also reduces expenses remarkably.

Couples

OnePath Life conducted a research on married couples, and uncovered a fact that more than 65% of all married couples in Australia do not have an insurance cover, neither do they ever discuss about it. Most of these couples overlook the fact that they have to face ever cropping responsibilities which can be taken care of by an insurance cover. Many young couples spend most of their time planning for their future, and although they might not have any kids to take care of, they are still habituated to each other’s responsibility.

Safeguarding your life as a couple should be the first thing you discuss about. You need to weight options on what insurance policy to take as a couple, and what protection measures to implement. Doing this will determine what living standards one partner will go through in case the other is incapacitated, dies or is in a life threatening situation.

Some responsibilities such as purchasing a new home and raising children come automatically for all couples. Although this may be a thing of the future, you should have an insurance cover to take care of any unexpected expenses that may make it impossible to buy the house, or even be unable to give your children a quality life.

Families

Every couple with a child is considered a family, and should have an insurance cover that is adequate enough for all. A private research revealed that the insurance cover should be 10 times the family’s earnings. The sad news however that, only 4% of all families in Australia is have this form of cover, with the remaining 96% being under-insured or having no insurance at all. It is your obligation as a parent to make sure your family’s future is safeguarded against unforeseen dangers or situations. You also need to make sure that your children’s future is already secured and that they will be taken care of once you are gone.

An insurance broker can edify factors that will determine whether the insurance cover you have at hand, or are willing to buy, is adequate enough for the family. You can always find a favorable and adequate insurance policy to buy regardless of your financial capability and needs.

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