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Life is unpredictable and while it's not pleasant to contemplate, it's essential to consider the potential ramifications of not having insurances in place, should something unforeseen happen to you, particularly if you’re an income provider for your household. In the unfortunate event of a person passing away or being unable to work for an extended period, the implications can be financially and emotionally overwhelming for the individual and their family.
Implications of an unprotected future
Without life insurance, the financial burden on surviving or supporting family members can be substantial. Funeral expenses, outstanding debts and the loss of the primary income source can lead to severe financial strain. In the absence of life, income protection, prolonged illness or disability insurance, you may experience a significant drop in household income, affecting the ability to cover daily living expenses and medical costs.
Insurance options in Australia
Your personal circumstances will determine what insurance options will work best for you and your family. How much debt you have (for example your mortgage, any loans or credit cards) and what your living expenses are will help guide you on how much cover you may need and what type of insurance coverage is best for your personal situation.
Whatever the situation, it’s important for you to review your cover regularly, to ensure that it is still relevant to your current needs. Additionally, make sure that you understand:
- What is included and excluded under your policy
- How your premiums are calculated and if there are any premium loadings or exclusions for you, based on your medical history, health, job, hobbies or past times
- If there are waiting periods associated with making a claim
- If you already have insurance associated with your superannuation and whether this provides you with sufficient cover or if you require more.
Below is a comparison of the benefits and considerations for the different insurance cover available. These explanations are not meant to be exhaustive but rather to provide a general overview:
| Insurance | Benefits | Considerations |
| Life insurance | Provides security for the future of your dependents by providing them with a lump sum payment. This could help cover funeral expenses or help settle outstanding debts like the mortgage, other loans, credit cards, etc. | Your medical history, health, lifestyle and pastimes may increase the cost of your insurance. Make sure you speak to your financial adviser about any dangerous pastimes you enjoy, for example sky diving, motor car racing, etc., which may have an impact on your life insurance application. |
| Income protection insurance* | Ensures a regular monthly payment during periods of incapacity to work due to illness or injury, easing your financial strain. | Depending on the option you choose, you will have a waiting period before benefits can be paid. Additionally, premiums will depend on a variety of factors including your occupation. |
| Total and permanent disablement (TPD) | This insurance provides you with a lump sum payment which offers financial support if you become totally and permanently disabled and you’re unable to work because of serious illness or injury. | You should review your cover regularly to ensure that you have the right amount of cover – don’t set and forget your cover as it should change and evolve with you. Speak to your financial adviser when you have major life events, to ensure that your insurance is appropriate for your current situation. |
| Trauma insurance | This insurance is designed to provide you with a lump sum payment in the event that you’re diagnosed with a defined critical illness or medical condition. | Before taking out this insurance, be sure you understand what illnesses and medical conditions are included in your policy – this insurance is offered for a defined list of options. |
* Only those Resolution Life customers who hold existing Income Protection cover can transfer to our Elevate Income Protection product.
Government tax benefits
In Australia, there may be some tax benefits associated with having these insurance arrangements in place. If this is something that could benefit you (if you have a business), you should seek appropriate professional advice to understand the tax implications, based on your circumstances.
Where to get help
If you want or need more information, there are many resources you can reference. On our website, we give an overview of the products that we offer. The Government also provides great resources like the MoneySmart website which offers valuable information on how life insurance works, as well as a plethora of tools and tips and tricks to consider.
You can also seek help by consulting with a financial adviser, as they can provide personalised advice based on your individual needs and circumstances. A financial adviser can assist in understanding the available options, comparing policies and providers, and finding the right solution for your needs.
Conclusion
Taking proactive steps to secure your financial future and that of your loved ones is important. Insurance can serve as a crucial safety net in times of adversity. While government assistance may be available, it may not fully cover all eventualities, so it’s important to understand your options, seek professional advice and make informed decisions that will provide financial security and peace of mind for you and your family.
Important information
Any advice and information on this website is general in nature and is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is part of the Resolution Life Group. Resolution Life can be contacted via the Contact us page. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters as well as the relevant Product Disclosure Statement (PDS) or Policy Document, available here or via the Contact us page. Before making a decision about the product, consider speaking to a financial adviser if you have any concerns.
If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium they pay or the value of their investments. You can ask us for more details.
These products are not issued by the AIA Group. The AIA Group has sold to the Resolution Life Group that part of the business that previously provided or administered these products. The Resolution Life Group and its products and services are not affiliated with, or guaranteed by, the AIA Group. The Resolution Life Group uses AIA's trademarks under licence.