Unsure if my husband and I should take out life insurance and what institution should I approach?

Hi Antonella,
It's a question not enough people are asking so thanks for raising it.
Without knowing your personal situation its hard to determine, but essentially you need to look at your financial situation should you or your husband no longer be able to work, or unexpectedly pass.
If the remaining partner and children could not remain financially viable without the other income stream then life insurance should definitely be considered.
The best thing to do is speak with a financial advisor. I don't handle this personally, but my colleague Paul Christie would be happy to help out.
You can contact him on 0411 282 414.
All the best!
Charles

Hi Antonella, great question. If you are contemplating if you need to be insured or not, I will start with a question: how would you continue your lifestyle and meet your financial commitments if something unforeseen happened? It's funny how we often insure our house and car before we think about insuring ourselves. You have a couple of options to be covered, if you have home loan debt you can take out Mortgage Protection or a financial planner would provide you with a more detailed and comprehensive insurance policy. If you need further assistance I am more than happy to point you in the right direction. Regards, Meiken

Hi Antonella

As a financial adviser speaking from both my personal and professional experience every person who has financial dependants such as a spouse or young children should strongly consider insuring their lives. A qualified Financial advisers can help you source a suitable and cost effective life insurance policy from a number of reputable insurers either in your own name or via your super fund. This is tailored to your unique circumstances and generally comes with the responsibility of assisting people with a claim should the need arise.

I am happy to assist if you get in touch with me.

Michael

Unsure because of cost? That'd be the only sensible reason to hesitate. The cost of no insurance is much greater and not just financially. Being insured means you don't compound a tragic event in your life by placing at risk your home, you relationships what health you have left (through financial worry) or your retirement savings. Talk to a good financial planner about which insurer is best for you.

Antonella all the above answers are on point, speaking to an adviser to make sure your overall personal situation is a must. I would recommend speaking with one sooner rather than later. one thing to note with insurances especially life / trauma (critical illness) and income protection is that the earlier you obtain the cover the better (in general terms) as with age these insurance become more expensive and harder to obtain.. generally the younger and healthier you are when these are obtained the cheaper it will be in the long run. there are many factors that will determine the right amount over covers suitable for your needs. and many factors that will determine the cost to you. you should seek advice for your specific needs etc. hope this helps.

In short, if you have debts and/or dependents then yes you should have life insurance. To find the right insurer you should quote the market as no single company best fits everyone. I strongly suggest speaking with a financial adviser as they will be able to ensure your cover is sufficient, find the right insurer, ensure your cover is structured tax effectively and give you access to proper medically underwritten cover which you can't get by going direct to an insurer.

All debt should be insured
Your question is vague , if you are talking Life Insurance exclusively then a Financial Planner MUST be acquired.

if you want to insure your debts than your broker will have a wonderful suite of optiins that can be arranged withoutvthe need or cost of a planner.

Remember NOT all loan protection policies will do what you need...so get some unbiased advise

Hey Antonella,

As just finance brokers, legally we are can't give you personal advice, only general as we are not qualified to do so.
I have a partnership with ALI Group, I highly recommend having a chat with them to discuss the benefits and types of cover available so you have the peace of mind knowing you're well informed. One of the benefits of ALI Group is you can organise the amount of cover based on the amount you'd like to pay for your premium!
If you're happy to let me know your email, I can forward all their information to you (types of cover and etc.) for you to look into and compare!

Best regards,
Berti Financial
1300 421 587
www.bertifinancial.com.au

Hi Antonella,
Simple answer to me is that if you have young children (which your profile pic suggests) why wouldn't you protect your child and their future if something untoward were to happen. The younger you are the cheaper it is, and can also be funded tax effectively through Super, so it won't affect your cash flow.
Let me know if you need to chat.
Thanks and all the best.
Mark

Hi Antonella,

Life insurance is designed to let people provide for their families financially when they die. Many people decide they need to take out a life insurance policy when they start a family, or when they buy their first property and want to make sure they would not leave significant debts behind for their loved ones to deal with so choosing the level of benefit and provider normally depends on your current circumstances and what features you are looking for.

Other insurance options may include Total and Permanent Disability insurance, Trauma insurance and Income Protection which provide a benefit payment while the life insured is still alive.

Premiums can be funded either via your superannuation or after tax income.

If you would like to know more about your options, I am happy to speak with you further and offer a complimentary risk assessment.

Kind regards,

Ronald Pratap
Principal Financial Adviser
RP Wealth Management
T: 0434 502 079
E: ronald.pratap@rpwealthmanagement.com.au
W: www.rpwealthmanagement.com.au

Hi Antonella,

To determine whether you need Life insurance.. and this may sound gloomy, consider what you and your partner would do in the event that one of you passed away.
Say you are a full-time Mother and your husband is the sole income earner.
Would you have the necessary income to maintain your current debt and lifestyle repayments? Funeral costs?
Would your partner be able to continue working and still care for your children?
Is the familys income protected against sickness, acciddents and injury?
Would you want to Bequest anything to your children to secure their future and or education?
How would a serious medical event impact your daily lives?
There are a lot of different scenarios but it is common for most young families to have high debt and few assets meaning they should seriously consider Life insurance.
Most of the major banks offer Life insurance and there are some major Life insurance companies with high quality policies. You should seek financial advice about the level of cover and how certain features can benefit your situation.
I hope this helps, let me know if you have any questions.

Stuart Christie
https://www.linkedin.com/in/stuartjchristie