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Do you know what types of life insurance you already have \u2013 and how much you may need, if any?<\/p>\n
According to a recent study by research firm Rice Warner, the average level of life insurance Australians have is around half the amount they need to be financially secure.[1]<\/sup>\u00a0So that means many Australians may be underinsured compared to their expected level.<\/p>\n <\/p>\n That\u2019s why it\u2019s important to understand if you need life insurance, what your life insurance covers you for and whether it\u2019s enough to meet your needs. Only once you know that answer, can you decide whether you need to add or change the types of cover you have, or increase\/decrease the amount you\u2019re insured for.<\/p>\n <\/p>\n Depending on your situation, you may have automatically received insurance cover when you joined your super fund. You may also have added optional types of covers or adjusted your level of cover.<\/p>\n Here are the different kinds of insurance you may have:<\/p>\n To see which types of insurance you have through your super and how much you\u2019re covered for, check your most recent superannuation account statement. This is just an extra reason to be checking your Super once a month.<\/p>\n <\/p>\n The type and amount of cover you need depends very much on your individual situation. You should consider these and take your own advice.<\/p>\n Generally, you\u2019re likely to need cover if you have:<\/p>\n You may need less cover if you have:<\/p>\n As a rule of thumb, Rice Warner\u2019s\u00a0Underinsurance in Australia<\/em>\u00a02017 report estimates that 30-year-old parents with children need:<\/p>\n ASIC\u2019s Moneysmart website also has a useful insurance calculator<\/span><\/a> to help you work out how much cover you might need.<\/p>\n Of course, as your life changes, your insurance needs will too. So it\u2019s important to review your cover regularly. Set a date in the calendar, and try to check once a year.<\/p>\n Remember, insurance always seems like a sunk cost, until the day that you need it. Then it may seem much more affordable \ud83d\ude42<\/p>\n <\/p>\n [1] Rice Warner, Underinsurance in Australia<\/em>, 2017.<\/small><\/p>\n <\/p>\n <\/p>\n Download it for free in the App store or the Webapp below:<\/p>\n <\/p>\n Important Information<\/em><\/strong><\/p>\n If you have read all or any part of our email, website, or communication then you need to know that this is factual information and general advice only. This means it does not consider any person\u2019s particular financial objectives, financial situation, or financial needs. If you are an investor, you should consult a licensed adviser before acting on any information to fully understand the benefits and risk associated with the product. This is your call but that is what you should do.<\/em><\/p>\n You may be surprised to learn that RAIZ Invest Australia Limited (ABN 26 604 402 815) (Raiz), an authorised representative AFSL 434776 prepared this information.<\/em><\/p>\n We are not allowed, and have not prepared this information to offer financial product advice or a recommendation in relation to any investments or securities. If we did give you personal advice, which we did not, then the use of the Raiz App would be a lot more expensive than the current pricing \u2013 sorry but true. You therefore should not rely on this information to make investment decisions, because it was not about you for once, and unfortunately, we cannot advise you on who or what you can rely on \u2013 again sorry.<\/em><\/p>\n A Product Disclosure Statement (PDS) for Raiz Invest and\/or Raiz Invest Super is available on the Raiz Invest website and App. A person must read and consider the PDS before deciding whether, or not, to acquire and\/or continue to hold interests in the financial product. We know and ASIC research shows that you probably won\u2019t, but we want you to, and we encourage you to read the PDS so you know exactly what the product does, its risks and costs. If you don\u2019t read the PDS, it\u2019s a bit like flying blind. Probably not a good idea.<\/em><\/p>\n The risks and fees for investing are fully set out in the PDS and include the risks that would ordinarily apply to investing. You should note, as illustrated by the global financial crisis of 2008, that sometimes\u00a0 not even professionals in the financial services sector understand the ordinary risks of investing \u2013 because by their nature many risks are unknown \u2013 but you still need to give it a go and try to understand the risks set out in the PDS.<\/em><\/p>\n Any returns shown or implied are not forecasts and are not reliable guides or predictors of future performance. Those of you who cannot afford financial advice may be considering ignoring this statement, but please don\u2019t, it is so true.<\/em><\/p>\n Under no circumstance is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.<\/em><\/p>\n This information may be based on assumptions or market conditions which change without notice and have not been independently verified. Basically, this says nothing stays the same for long in financial markets (or even in life for that matter) and we are sorry. We try, but we can\u2019t promise that the information is accurate, or stays accurate.<\/em><\/p>\n Any opinions or information expressed are subject to change without notice; that\u2019s just the way we roll.<\/em><\/p>\n The bundll and superbundll products are provided by FlexiCards Australia Pty Ltd ABN 31 099 651 877 Australian credit licence number 247415. Bundll, snooze and superbundll are trademarks of Flexirent Capital Pty Ltd, a subsidiary of FlexiGroup Limited. Lots of names, which basically you aren\u2019t allowed to reproduce without their permission and we need to include here.<\/em><\/p>\n Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.<\/em><\/p>\n Home loans are subject to approval from the lending institution and Raiz Home Ownership makes no warranties as to the success of an application until all relevant information has been provided.<\/em><\/p>\n Raiz Home Ownership Pty Ltd (ABN 14 645 876 937), an Australian Credit Representative number 528594 under Australian Credit Licence number 387025. Raiz Home Ownership Pty Ltd is 100% owned by Raiz Invest Australia Limited (ABN 26 604 402 815).<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Do you know what types of life insurance you already have \u2013 and how much you may need, if any? According to a recent study by research firm Rice Warner, the average level of life insurance Australians have is around half the amount they need to be financially secure.[1]\u00a0So that means many Australians may be […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[],"yst_prominent_words":[3804,3803,3798,3801,3796,3805,3807,3800,3795,3802,3797,3821,3808,3806,3799,125,120,3794,3787,3822]}Understanding your cover<\/h3>\n
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How much cover is enough?<\/h3>\n
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\nDon\u2019t have the Raiz App?<\/h3>\n
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