Life Insurance
Your EOFY life insurance stocktake
24 July 2019
Benjamin Franklin once said ‘nothing in life is certain except death and taxes’. And, while that’s a rather bleak outlook, he had a good point. So as the end of financial year rolls around again and you sit down to tackle your taxes, consider taking the opportunity to look at your Life Insurance policy too.
Here are a few helpful tips to get you started on your EOFY Life Insurance Stocktake.
Know what your cover includes
Life Insurance is a big deal, so it’s worth taking some time to think about it carefully. It’s designed to protect your loved ones financially if anything happens to you, such as death or terminal illness. If you’re not sure exactly what Life Insurance is, here’s a quick summary of the different types of cover that generally fall under this category.
Income Protection
Income Protection – such as Suncorp Income Protection – covers part of your monthly income if you are injured or sick and can’t work. (Top tip: the perk of having Income Protection insurance at tax time time is that you may be able to claim the cost of premiums on your tax returns.)
Funeral Insurance
Suncorp Funeral Insurance provides a payout to your family within two business days after a claim has been approved. This means the cost of your funeral can be covered for between $3,000 and up to $15,000 (depending on your level of cover).
Accidental Injury
Accidental Injury Cover – like the Suncorp Accidental Injury Plan – is designed to help you out financially if you experience a serious injury, such as a fracture or loss of sight. It can provide a lump sum payment to help you pay for immediate expenses – such as help around the house – while you rest up and get back on your feet.
Check how much you’re covered for
While you may have some form of Life Insurance already through your superannuation fund, this may not provide enough cover. It’s important to think about the full scope of your living expenses, and how much your family would need to get by without you. Consider your mortgage repayments or rent, any school fees, groceries and bills. When you add it all up, can you safely say you’re adequately covered?
Consider any changed circumstances
Life Insurance isn’t the only precaution you should be taking to protect your family. This is a great time to also take stock of your health and ensure you’re taking care of yourself – so you won’t be needing that Life Insurance for quite a while. The leading cause of death in Australia is heart disease, so it’s important to eat well, exercise and have regular health checkups. For added security (and possible tax benefits, such as exemption from the Medicare Levy Surcharge) consider if you’re adequately covered by your current Health Insurance.
Get a Life Insurance quote online today within minutes. Or, if you’d like to learn more about Suncorp’s Life Insurance options, speak to a Suncorp Life Insurance Specialist on 13 11 55.
Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement before making any decisions about whether to acquire a product.
