In NobleOak’s recent Life Insurance Pulse Report* conducted with more than 1000 Australians, respondents said that the main life events leading to them taking out life insurance were having a baby, taking out a mortgage, buying a home or getting married.

Below is an overview of when and why life insurance may become important.

Starting your first job

Just starting out, you may not think you need life insurance. But consider if, having entered the workforce, you had to stop work due to an unexpected illness or injury. How would you cope financially? The loss of your income for a protracted period of time could be difficult to deal with.

Income protection insurance can provide you with an income source if you are unable to work due to serious illness or injury. The regular income provided can be used to pay for essential living expenses such as the cost of a carer (if needed) or rent.

Marriage or a serious relationship

When you marry or enter a relationship, you may also be taking on shared financial obligations. Life insurance helps provide peace of mind in the event that you or your partner becomes sick or injured, so that you don’t have to rely on your savings or credit to manage.

Later in life, if you were to divorce or separate from your partner, you may be left with a depleted income.

Taking out a mortgage

When buying a house, accessing your first home loan or increasing your mortgage, it’s important to think about financial protection.

Who will pay the mortgage if something happens to you or your partner? Can your family cover funeral expenses, as well as making up for the sudden loss of income? This is often a time to reassess your life insurance or income protection needs.

Raising a family

When you start or grow your family, it’s a good time to consider life insurance. You may have life insurance in your super, but is it enough to cover the additional cost of bringing up a family if you’re not there? Income protection may also be an important addition to your financial cover, providing a continued income stream in the event of a life-changing accident or illness.

Retiring

Did you know that the average life expectancy in Australia is 83.25 years in 2020–2023, compared with 70 in the 1950s?

Having life insurance can offer additional financial security and peace of mind in the event you are diagnosed with a terminal illness or pass away.

If you already have life insurance, it makes sense to ensure it still meets your current needs and objectives, to reduce the financial impact that serious illness or sudden death could have on your retirement plans and loved ones.

* Research conducted on behalf of NobleOak by The Market Intelligence Co, December 2023 with more than 1000 Australian citizens or residents.

Australian CA ANZ members qualify for a 10% lifetime discount on life cover rates with NobleOak**.

Important information: Please note, cover is available to Australian residents only. NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302 (NobleOak Life) issues the products.

General advice: The information contained in this document is of a general nature only and does not take into consideration your objectives, financial situation or needs. Before making a decision to purchase or continue with a product you should read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD) and Financial Services Guide (FSG) found at nobleoak.com.au and consider this information having regard to your own objectives, financial situation and needs. If you are considering replacing an existing life insurance policy you should consider your circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed.

CA ANZ discount: CA ANZ members are entitled to a 10% lifetime discount on NobleOak Life’s standard Premium Life Direct premium rates for its term life cover (10% discount applies to term life cover only). The offer(s) are available for new customers only and can be used only once. Not able to be used in conjunction with another advertised offer.

No advice: Chartered Accountants Australia and New Zealand (CA ANZ) does not provide any financial service or advice in connection with any NobleOak products. All products and services are provided by NobleOak Life, not by CA ANZ. CA ANZ is not a representative of NobleOak Life and accepts no legal responsibility for any advice given by or any act or omission of NobleOak Life. CA ANZ does not warrant that any of the information provided by NobleOak Life is accurate or complete. Before agreeing to acquire any products or services, you should read NobleOak Life’s PDS, terms and conditions and check whether you meet the eligibility requirements. CA ANZ is a marketing partner of NobleOak Life only and receives a marketing fee from NobleOak Life. If you have any questions, feedback or complaints about the products or services, you should contact NobleOak Life directly.