Investing in life insurance in your 30s

If you’re in your 30s, life insurance may seem like something you don’t need to think about – at least for now! In fact, there are plenty of good reasons why it’s worth considering life insurance, and it’s not just for peace of mind – it might actually save you money.

You’re young and healthy

When you’re healthy with no serious medical conditions to worry about, you can get cover more easily and you’ll pay much lower premiums. If you do develop a serious medical condition down the track, and you’re already covered, you won’t have the hassle and expense of trying to get insurance with a pre-existing condition.

You have debts

There are plenty of ways to build up personal debt – credit cards, university loans, cars, holidays – and if you’re selfemployed, you may have financial commitments associated with your business. Life insurance can be used to pay out all these debts, so the responsibility won’t fall on your partner or your family.

You’ve found ‘The One’

Many people start to move into more committed relationships in their 30s, and that can lead to your finances becoming more closely entwined too. If you were to become sick or injured and were unable to work for an extended period of time, how would you manage? Income protection can help you and your partner pay the bills so you can focus on getting better.

You’re starting a family

A new baby brings joy – and for many people, the realisation that this little person will need your care for a long, long time. Income protection or critical illness insurance can help if you get sick or injured and are unable to work, while life and total and permanent disability (TPD) insurance lets you plan for the long-term needs of your family if you weren’t able to provide anymore.

You don’t have enough savings

46% of all Australians say they couldn’t survive on their savings for longer than one month – and the numbers are worse for younger people. 49% of Gen Y, and 61% of Gen Z say they have less than a month’s worth of savings.* Income protection, critical illness and life insurance could be your back-up plan in case of the unexpected. It’s important to consider that waiting periods apply to income protection, meaning no payment is made unless the insured is unable to work due to illness or injury for longer than the waiting period. Typically, qualifying periods may apply to certain critical illness events before coverage is provided.

If you’re ready to explore life insurance options, I can help you find a policy that suits your needs now and can be adjusted in the future as you pursue your financial goals through every stage of your life.

* Savings account statistics 2024 | Finder

Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it, you should consider its appropriateness for you, having regard to those factors. Before making any decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement.