Many people feel uneasy about initiating the ‘life insurance talk’ with their partner. That’s understandable. But if you’re determined to help safeguard the future of your family and need to have the conversation, here are four tips on how you might go about it in a sensitive but effective way.
1. Do your research
Do you or your spouse already have some form of life insurance through an employer or super fund? Do you have a ballpark idea of what life insurance costs? (Given that people often believe life insurance is more expensive than it actually is, you may want to get a preliminary quote.) Do you know how much cover you would need? What different policies do and don’t cover? It’s sensible to be across the relevant facts before raising the topic.
2. Don’t spring this discussion on your partner
Marital ‘money talks’ can be confronting at the best of times. It may not be a good idea to spontaneously bring up the topic of life insurance during a casual conversation. Instead, you could tell your partner you need to have a discussion with them so that they are prepared. (Make sure to choose a time and place where you can both talk openly without feeling distracted or hurried.)
3. Lay out the facts
First, it’s important to understand that if one of you passes away unexpectedly, the surviving partner may still need to cover expenses such as mortgage repayments, health insurance premiums, school fees and so on.
Make it clear that you want to consider getting life insurance not because you believe something is likely to occur, but because you want to take steps to help make sure your family will be spared financial hardship should the unthinkable happen.
4. Allow for but don’t be controlled by emotions
Humans are emotional beings and talking about death, even hypothetically, can stir up powerful feelings. You may find your partner keeps finding excuses to delay having the life insurance discussion or comes up with reasons to quickly change the subject. You may even find yourself procrastinating about having the discussion or dragging your feet about taking further action once you have had it.
“Talking about death, even hypothetically, can stir up powerful feelings.”
Nonetheless, it’s important to make sure a decision is ultimately made whether to insure or not to insure.
If you and your partner do decide to get life insurance, you should carefully consider your needs and circumstances before taking out cover. You can choose to deal directly with a life insurer such as who can provide you with general advice and product information.*
NobleOak Life Limited ABN 85 087 648 708 AFSL 247302 issues NobleOak life insurance products. See the PDS for product details and to consider if the product is right for you. General information only – it does not take your circumstances into account and is not financial advice. Online quotes are indicative only – your premium will take into account your age, occupation, sum insured, health and pastimes. You should not cancel any existing life insurance product until you have been informed in writing that your new cover is in place.
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For an instant quote, visit nobleoak.com.au/charteredaccountants or phone 1300 108 490 and mention ‘chartered accountants’. Cover available for Australian Residents only.