Life insurance coverage needs of Australian families
Life insurance needs of Australian families continually change over time, and can depend on a number of factors. These can include things like:
- The age of your children & their education costs
- When children are no longer financially dependant on you
- Mortgage repayments
- Loans and debts
- Your level of income
How much life insurance should your family have?
The following information is a rough guideline estimating the minimum amount of life insurance cover your family may need. For a more precise amount, you should discuss your personal situation and needs with an xLife adviser.
|
Age estimate |
Single/Married |
Children |
Amount of life insurance |
|
30 - 50 |
Single |
No |
2 x taxable earnings |
|
50+ |
Single |
No |
6 x taxable earnings |
|
30 - 50 |
Married |
Yes, younger |
10-13 times taxable earnings |
|
50+ |
Married |
Yes, older |
6-9 times taxable earnings |
Source: IFSA, Rice Warner Actuaries, Cost of Underinsurance-Analysis of Life Insurance Needs, May 2005
Have you put your family life insurance in order yet?
If you do not yet have life insurance, or a have had a change in circumstances, or believe you do not yet have sufficient coverage, contact xLife.
Our advisers are waiting to discuss your family's life insurance needs, and can help calculate how much coverage you need based on your current needs. Contact us to compare life insurance quotes today!
Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year's life insurance premium.
June 2011
