What To Expect When You Work With WeLifeInsure
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Why Do We Need Life Insurance As A Couple?
Considering Life Insurance whilst in a committed relationship protects you and your partner from the financial burden of an unexpected passing, injury, or illness, which could prevent either of you from working.
Typically, cover is considered to help cover mortgage payments, debts and living costs.
Life insurance is also an important consideration in estate planning to ensure there are sufficient funds so that your loved ones are financially supported to reduce stress of unexpected expenses and lost income.
Life insurances are a key pillar in protecting each other’s financial well-being.
Assumptions: Medium Australian weekly income of $1,300 pw (Australian Bureau of Statistics - July 2024, Lending Indicators)
How Does Life Insurance Work For Couples?
A couples’ Life Insurance policy can mean one of two things. You can either have a joint life insurance policy which means one person is insured but the policy is jointly owned. Or you can have separate policies which are held with the same insurer. The latter is much more common.
This can sometimes be beneficial if the insurer that is competitive for both individuals offers a family discount. This discount can mean that it may be cheaper than just purchasing a single life insurance policy.
Life Insurance Options for Couples
Here are the important cover types to consider:
Otherwise known as Death Cover, this is a lump sum payment to your surviving partner, children, or beneficiaries if you die.
- Help pay off large debts like a mortgage to reduce financial burden.
- Ensure mutual financial obligations can be met. For example, children’s schooling.
- Benefit amount is also paid in event terminal illness.
Replaces up to 70% of your income if you’re unable to work due to illness or injury.
- Income is replaced whilst you are unable to work.
- Payable after a waiting period you choose until you recover or until the end of the benefit period which you also choose.
- Ensures your income is replaced to a degree so household expenses can be met.
Financial support in the form of a lump sum payment if you are permanently unable to work due to injury, accident or illness.
- Ensure mutual financial obligations can be met without your income in addition to costs of care.
- Cover for your ability to do your 'own' occupation or 'any' occupation.
- Reduce financial hardship for you and your partner.
Pays out a lump sum if you’re diagnosed with a serious illness such as cancer, heart attack or stroke.
- Financial resources to afford the best medical care.
- Financial buffer for your partner to potentially take some time off work.
- Prevent financial hardship due to medical costs.
Benefits of Couples Life Insurance
Life insurance cover for couples can have the following benefits.
Lower Premiums
Some insurers will offer a family discount so a joint life insurance strategy can be more cost effective when purchased together.
Financial Security
This will be a financial safety net for you or your partner if one of you were to die unexpectedly, covering living costs, debts and future goals.
Income Replacement
Life Insurance replace the lost income so you or your partner can maintain their lifestyle and manage their financial responsibilities.
Debt Coverage
Life Insurance protect you and/or your partner from being burdened with joint debts like mortgages, car loans or credit card debt.
Estate Planning
Having Life Insurance simplifies estate planning by providing liquidity to cover estate taxes, funeral costs and other final expenses without depleting savings.
Childcare And Education Costs
This insures funds are available for your children’s upbringing, education and future needs if one partner dies.
Choosing the right insurance company is vital. Access our comparison tool today to see your options!
Get the Right Policy with us
Choosing to organise your Life Insurancess as a couple helps ensure that you're both protected if either of you were to become sick, unable to work, or pass away. Choosing the right policies doesn't need to be difficult. Reach out for a one-on-one discussion with a broker today.
