What To Expect When You Work With WeLifeInsure
At WeLifeInsure, we provide expert guidance to help you choose the relevant insurances for your life stage. When you partner with us, you can expect:
Expert Guidance
Our insurance experts will explain each type of insurance to you for you to protect your finances.
Complete Transparency
You’ll get quotes from all available insurers on our panel with objective product ratings.
Ongoing Support
From when you apply to when it’s time to review you policies, or claim, we’re with you every step of the way.
We’ve partnered with over 90% of Australia’s leading retail insurers
Why Do I Need Life Insurance As A Young Adult?
Insurances as a young adult is all about selecting what is relevant to you.
Life events can be unexpected and if your health takes a turn, having the right cover in place ensures that the progress you've made with your financial goals are protected and your finances are able to support you whilst you recover. That is why insurances are a core pillar of financial planning.
Financial goals such as saving for a deposit, paying off student loans, or building an investment portfolio take years of work so protecting your progress and your income potential is crucial. Consider that it can take years to save your first $50,000 but only one health event to wipe it out.
Assumptions: Medium Australian income of $1,300 pw (Australian Bureau of Statistics - May 2024, Labour Statistics)
Assumptions: Medium Australian income of $1,300 pw (Australian Bureau of Statistics - May 2024, Labour Statistics)
Protect Those Who Would Support You If Things Went Wrong
Having the right insurances in place, such as Income Protection Insurance and Critical Illness Insurance, can save you and your family who may need to support you if you were to suffer a serious illness the burden of unwinding years of hard work.
Insurance can be more cost-effective when you're young as age is key determinant of premiums. When you obtain insurance, you have the option of locking in the age factor for the duration of your policy, which can save you thousands of dollars in the long run.
Whether your goal is plan ahead or to protect your financial progress, we can help you find the policies to suit that need.
The Importance of Income Protection for Various Professions
Life Insurance provides a lump sum benefit to you or your beneficiaries, ensuring that your financial obligations are taken care of.
- Terminal illness payment. Get a benefit if you’re terminally ill and have financial freedom.
- Reduce burden. Don’t leave your family with debts or expenses.
- Plan ahead. Choice to lock in lower rates by taking out protection as a young adult.
For most people, their income is their biggest asset. This is especially true when you're young because the majority of your lifetime earnings have not yet been earned.
- Protect your potential. Replace up to 70% of your income if you are unable to work due to a sickness, injury or accident.
- Tailor your policy to fit a budget. Customise your policy with adjustable waiting and benefit periods.
- Tax deductible. Premiums are tax deductible so you’ll get financial relief.
Also known as Total and Permanent Disability (TPD) cover, this cover provides a lump sum if you are permanently unable to work again due to sickness or injury.
- Flexibility to fit your need. Choose ‘Any’ or ‘Own’ Occupation cover and fund premiums through super.
- Financial security when you need it the most. Make sure your living costs are covered if you can’t work again.
- Maintain your independence. Pay for the care you need and maintain your independence.
Also known as Trauma cover, Critical Illness cover provides financial support if you’re diagnosed with a serious illness like cancer or a stroke.
- Financial security. Covers medical bills, care and everyday expenses during recovery.
- Tax-free lump sum. Use the whole benefit amount for what you need without tax worries.
- Beyond health insurance. Covers costs not covered by private health insurance.
The Benefits of Getting Life Insurances as a Young Adult
There are several benefits that you can expect when you purchase life insurance.
Peace Of Mind
Expenses like mortgage repayments, student loans and credit card debt can put your family in a tough financial situation if you pass away. With Life Insurance, your beneficiaries get a lump sum payment, ensuring that they are able to cover these costs.
Lock In The Age Variable
Considering life insurances when you're young gives you the option of locking in the age variable for the life of your policy. This can save you thousands in insurance premiums over the long term.
Avoid Higher Premiums
Considering Income Protection and Critical Illness Cover whilst you’re most likely to be in better physical state can prevent you from having to pay higher premiums when you get older.
Resilient Finances
Add resilience to your finances so you can remain financially independent even if the unexpected happens.
Choosing the right insurance company is vital. Access our comparison tool today to see your options!
Secure Your Financial Future with WeLifeInsure
Cover yourself with comprehensive Life Insurance for young adults in Australia. Get in touch with us today to discuss our life insurance products or for a comprehensive quote.
