Life Insurance for New Parents
Insurance for whatever stage of life you're at
Life insurance guide for new parents
Whether you're expecting your first child, adopting, or growing your family even more, the arrival of a new baby brings added financial responsibilities.
Factoring a baby into your budget isn't easy. There are hospital visits, nappies, clothes, and child care to consider. Plus, temporarily living on a reduced income can make this even more testing.
Imagine if you had to live on a reduced income permanently – how would your family cope if you or your partner became terminally ill, disabled or even passed away? What if an accident struck and you were seriously injured? Finances aside, who would look after the kids?
What types of cover might suit my new family?
If you've decided life insurance is the right way to look out for your family financially, it can still seem a bit daunting working out which type of cover is right for you. Broadly speaking, there are two things you might want to initially consider:
The money matters your family will need to keep on top of, if something happens to you or your partner which dramatically reduces your income.
Whether you want cover to help provide for your family after you've passed away, or a policy designed for the shorter term – when injury stops you working.
Once you've got a handle on what you might need to cover, see the products below to compare the different types of policies we offer.
Life Protect
You might leave your partner financially vulnerable
If you've decided to have a baby, the thought of not being around to watch your child grow is a horrible one. But having cover in place to help provide for your new family if the worst should happen can help you feel more relaxed.
If you have a Life Protect policy, your family may be eligible to receive a lump sum in the event of your death or if you're diagnosed with a terminal illness.
The lump sum payable under the policy in the event of your death or diagnosed terminal illness, could go towards:
- Funeral and other expenses thanks to the Funeral Advancement Benefit of up to $10,000
- Everyday expenses, like utility bills and groceries
- Your child's future education
- Mortgage or rent payments to help keep your loved ones in the family home
- Keeping the family car running and pay for other travel costs
- Credit cards or other loans
- Family entertainment or other luxuries.
Income Protection
An illness or injury could prevent you from working
If sickness or injury means you can't work, this type of life insurance is designed to pay a monthly benefit to replace your lost income. It can help you stay in control financially until you’re back on your feet, helping keep things as normal as possible for your new little one, and the rest of your family.
The monthly benefits can cover up to 75% of your income, up to $10,000, and could be used to help with the following common costs:
- Mortgage or rent payments
- Everyday expenses like travel and groceries
- Bills – including utilities, telephone, internet and credit cards
- Personal loan repayments
- Childcare or school fees
All this and more, without having to rely on your partner’s income or your savings alone to help keep your family afloat.
Is life insurance worth it?
Life insurance is there to protect your loved ones if something were to happen to you, making it an extremely important part of planning for your family’s future. With the ability to shift with you through life’s big changes, life insurance can offer support to your family whatever comes your way.
Life Stages & Events
Whatever stage of life you're at, Suncorp could help you plan for life's unexpected turns. See what some people in your stage of life buy to help protect themselves financially and why.
Select a lifestage that's relevant to you
Young singles
Couples
Getting married
Having children
Families
Kids have left home
Seniors
Death or illness in the family
Need to talk?
Our friendly team of insurance specialists at our Australian based call centre can answer all your questions. Alternatively, if you feel your financial requirements are more complex and you require financial advice, you can turn to your Financial Planner for help in assessing your risk and working out the cover that could meet your needs.
