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Do you have the right insurance policy to suit your life stage?

Published on November 25th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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1. For young workers who are just starting out

You might have your youth and less financial commitments at this stage, except for having to deal with a student loan debt or credit card debt. The general misconception is that young workers tend to think that they are invisible in the sense that nothing will happen to them, but life can get unpredictable. A policy that a young worker can start out with is an income protection policy which helps you secure 75% of your monthly income and pays you out if you are no longer able to work.

2. Young couples & newlyweds

When you are a young couple or newlyweds without children you want to be able to be there for your partner every step of the way. However, this can be a daunting process when it comes to protecting them financially whereby anything can happen in a blink of an eye. There are various life insurance policies you could consider such as; life insurance, Total and Permanent Disability insurance (TDP) for when you are terminally or critically injured and unable to work, and income protection which can help you and your partner financially when you are unable to work due to sickness and injury.

3. Young working parents

At this stage, most people have a steady career and either has a home or working their way towards owning a home. This could also be the time where you have just started a family and you would like to do everything to provide for and protect them. But this is also the time when a lot can happen. You could get injured at work or contract an illness like cancer that 1 in 4 females or 1 in 3 males in Australians suffer from. For a peace of mind and adequate cover you might want to consider:

  • Life insurance which will pay out a lump sum of money to help your loved ones continue the lifestyle that they know.
  • Income protection which will compensate for 75% of your salary while you on the road to recovery from an injury or sickness.
  • Trauma Insurance for when you have been diagnosed with illnesses such as cancer, heart attack or stroke.

4. Old working parents

This is the time when your children have grown and left the nest and you are looking towards building a solid retirement nest that sees you paying off your mortgage and having a sizeable saving tucked away. When it comes to life insurance policies it pays to slowly build your protection cover to a stage where you can comfortably afford most covers such as TDP, income protection, Life Insurance, and trauma cover. This will ensure that no matter the outcomes that you might face financially, you will be adequately covered to take care of them.

It pays to compare your options. Speaking to a financial advisor, an insurer or broker can also help you find your way to a policy that understands your needs and can provide adequate cover so that you and your loved ones will never be left financially exposed.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.

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