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Three things to consider when thinking about life insurance

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One tragic moment can steer your life off course. But having adequate life insurance can help to steady the ship.

Life insurance is one way to help secure your family's future in the event that you pass away.

Sadly, many Australians don't have life insurance - or don't have enough, because they assume the life insurance cover often included in their super is sufficient.

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The sums they're insured for may not be enough to cover all their unexpected expenses and commitments for their loved ones left behind.

Taking out a suitable life insurance policy can save you from a lot of stress.

Here are three points to consider to help ensure you have adequate life cover:

1. Think about how much you'll need

Before you opt for life insurance, you need to think about the future. Consider how much money your loved ones may need when you're gone.

Firstly, research funeral costs. Then work out how much money your loved ones may need to maintain a similar lifestyle. Also, consider any debts or other financial commitments which will need to be serviced. Lastly, factor in your children and what legacy you would like to leave for them.

2. Talk to someone or go online

Unfortunately, people are easily put off by their anticipated cost of life insurance. They expect it to be expensive and therefore may not do their research. A simple search online or a telephone call can help you assess the costs and some of the available products within minutes, particularly if you're armed with the information above

In other words, preparing yourself today can help ensure that your loved ones aren't significantly financially stressed should the worst happen in the future.

3. Reassess your insurance cover

After every major life event, you may reconsider your life insurance coverage. Marriage, a new home, children, and employment changes are all things that shape your life and can certainly change your priorities, so don't forget to get in touch with your insurer and update your coverage.

Understanding life insurance

Having the protection of adequate life insurance products - which could include one or more of term life, income protection, trauma and total and permanent disability covers - can help give you peace of mind, even during tragedy.

So, should you consider life insurance? Of course. However, you need to consider cover that fits your current situation, keeping in mind that from time to time you should reconsider your needs as your circumstances change - in particular to take into account major life events.

To learn more about NobleOak's life insurance products or to request a quote, call NobleOak on 1300 041 494.

Mention "Money magazine" to receive a 10% lifetime discount* PLUS one month free**.

Important information - NobleOak Life Limited ABN 85 087 648 708 AFSL 247302 is the issuer of NobleOak life insurance products. Please read the PDS available on the website at www.nobleoak.com.au for information and product terms. This article is general information only - it does not consider your objectives, financial situation or needs. NobleOak's team can discuss NobleOak products but do not provide personal advice.

*Money Magazine readers are entitled to a 10% discount (which remains for the life of the cover) on NobleOak's Premium Life Direct standard premium rates on term Life cover

**One Month Free offer - The first month free offer is available if you apply for cover before January 4, 2021. If you apply for cover before January 4th, 2021, you will not start paying premiums until one month after the commencement date of the cover. This offer is available once only per new customer and may not be used in conjunction with any other offer.

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Anthony Brown is the CEO of NobleOak. He has completed the General Management Program at Harvard Business School, Boston, has an MBA from the AGSM, and is a Chartered Accountant. He also holds a Bachelor of Economics degree (University of Sydney) and a Master of Commerce degree (University of NSW).
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