If you’re like most Australians, you know that you probably need Life insurance but you’re not quite sure what cover you need or how much you should take out.

Life insurance can be valuable to all Australians at various stages of life, whether you’re young and single, starting a family or buying a house, or beginning the transition out of the workforce and into retirement.

Everyone’s situation is different, so there is significant value in undertaking a formal review of your circumstances, needs and objectives with an insurance professional. However, here are some of the typical goals and needs that can be addressed with an appropriate insurance portfolio.

Just you – Are you in your 20s or 30s and single?

When most young Australians finish school, tertiary education or trade training and enter the workforce, we’re young, healthy and single or in an ‘informal’ relationship – life insurance is likely to be the last thing on our minds.

Typically, we’re in the prime of our lives and feel like we’re bulletproof. We’re thinking of other expenses and focusing on enjoying the moment or exploring the endless opportunities that lie ahead.

Often, we find out the hard way that life can be unpredictable. So, it doesn’t hurt to plan for the unexpected.

If something unforeseen were to happen, would your immediate family be able to cover your existing loans and expenses? If you could never work again, could your family afford to support you financially for the rest of your life?

What’s more, you might be able to get a better premium for life if you’re able to lock in your policy while you’re young and healthy, as opposed to when you’re older and health complications start to arise.

All of us – Just married, expecting, buying your home?

As life progresses and we start settling into our career, shifting focus to the longer term, we might get married or think about having children. It might be time to buy the family home and take on a mortgage.

We now have dependants who are relying on our ability to work and generate an income for life’s necessities – a roof over their heads, food on the table, education and security.

This is when most of us start to consider what might happen to the ones we love if the unthinkable happens. It’s at this stage in life when many Australians start to consider life insurance to provide their family with a financial safety net so they’re not left struggling to keep up with the mortgage payments, childcare or school fees, or everyday living expenses without you.

Just us – transitioning to retirement

We may think that life insurance is just about providing a lump sum to our family or loved ones if we were to pass away. Life insurance is much more than that.

Many Australians don’t start intentionally planning for retirement until later in life, often after the children leave home and the mortgage is paid off. We might leave ourselves with 15-20 years to save for retirement after other expenses end. It is important to protect your ability to earn an income as you approach retirement to ensure your wealth accumulation plans aren’t unexpectedly cut short.

Additionally, life insurance can give you the financial freedom to live life on your terms with the knowledge that your family will not be under financial stress to pay for their living expenses, your medical fees or even your funeral costs.

What can HLB Insurance do to help?

A life insurance professional can help you explore what options may be right for your needs.

What’s more, there have been significant changes in the insurance sector over the last five years, and many Australians who already hold insurance policies are experiencing significant increases in premiums at renewal. Your risk adviser can help to review your policies to determine if they remain competitive compared to the market.

This article was first published in Personal Wealth Adviser – Issue 4.