Who needs life insurance?

Around 59 percent of Australian families would not be able to maintain their current standard of living if the main earner of the family were to pass away. ¹ Each of them is a family who needs life insurance.

“Why do I need life insurance?” Many people find themselves wondering this at one time or another. Asking why life insurance has become a necessity is natural.

AIA Australia understand that each individual who needs life insurance will have different situations and stages in life. From one year to the next, things happen and life changes, so we understand why life insurance needs can differ from time to time. People get married, have babies, get sick, get better, move house, start new jobs, separate, go overseas, retire from work, etc. With this in mind, their product range is designed to be flexible so that it can be tailored to suit the ever changing needs of every Australian who needs life insurance.

Each of their life insurance products offers something unique to help you protect the things that matter most.

Do you need life insurance? Interestingly, life insurance is considered the least important type of insurance (compared to home and contents, comprehensive car insurance and medical insurance), while home and contents insurance is considered the most important². Consider what your greatest assets are in life and think about how you would cope if you lost the ability to work or were not around to support your family. You will see why life insurance is a necessity.

So why have life insurance? If you have just had your first child, you are someone who needs life insurance. If someone you know has just had a life changing health scare, you are someone who needs life insurance. If you have just bought your first house or upgraded, you are someone who needs life insurance. Do not wait. Protecting yourself and your loved ones is more important than your car or contents of your home.

Do you need life insurance? AIA pay claims – they paid 93% of all claims submitted in 2013.

This information is current at the date of distribution and is subject to change. This is general information in summary only, without taking into account the objectives, financial situation, needs or personal circumstances of any individual, and may not be exhaustive. It is not intended as financial, legal, medical or other advice.

Rice Warner Underinsurance in Australia report, 2012
AFA Life Insurance Research, 2011

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