Life Insurance For Your Life Situation

When it comes to life insurance, more isnt always better

. Past a certain 'peace of mind point', you're taking away from the funds that you could be using to enjoy life with your friends and family, after all. It really is essential that you match your life insurance to your life situation. Here we look at 7 different life situations, and the life insurance cover levels and options that will suit each of them.

Young singles

At this stage of life, with no dependents, no long-term debt and few other obligations, there are few people that have life insurance. That's actually quite sensible! It's better to preserve your current independence and lifestyle by choosing:

Income protection insurance only, which will cover you for the Total and Permanent Disablement and Trauma that many life insurance policies would. However, if you dont have family to help support you, you'll want a fairly short waiting period.

Young couples

Young couples often have more joint debt, and more joint obligations, that can be met by either party alone. It might involve a bit of lifestyle re-arrangement if one of you became unable to work (including by death), but this would usually be short term. We recommend:

Life insurance with a trauma option for one spouse at moderate cover levels

Life insurance only for the other spouse at lower cover levels

Young families

As you'll know if you're one of the heads of a young family, children make everything more worthwhile and rewarding ... but also so much harder! We recommend a fairly extensive level of cover at this time of life:

Life insurance policy with a TPD and trauma option for one spouse

Simple life insurance policy for the other spouse

Consider an income protection policy on the main income earner, which provides a longer-term payout if you run into health troubles.

Older families

As your children start growing up (it happens so fast!), it is still wise to take out policies that would allow your family a bit of leeway if something serious happened. However, you can comfortably reduce benefit amounts knowing that there are fewer years of schooling and dependence to cover. We recommend:

Life insurance for one spouse at moderate cover levels, with TPD and trauma options

Life insurance for the other spouse at minimal cover levels

Always remember to shop around carefully before you choose a life insurance policy or insurer - it is infinitely easier to pick the right company to begin with than to switch!

by: Funeral Insurance

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