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I'll take that as a compliment. ;):
It should really be a young persons insurance. People with financial obligations. Because once you get older you require that money a lot less and premiums go up astronomically too. Not too many elderly people would have hefty life insurance policies.
oops double post
I am being serious though. I consider us all quite young when you consider life expectancy and I guess in my eyes (up until recently), I have thought that I wouldn't need to worry about those things until I am old, but you are spot on Lenny. It should be a young persons insurance for the very reasons you stated.
I am glad I started this thread. It has been great insight.
I am currently paying $30 a month for loan protection on a personal loan so why aren't I paying for protection on my life when it would probably cost the same if not less than my loan protection. :doh:
Going to get onto it this week. :)
I have already outlived three highschool friends, one second cousin and one third cousin, and I'm about to outlive an uncle of mine, so I take it pretty seriously.
I look at it in terms of what would happen, if I died from disease, accident, whatever. My husband would have to sell our home, go back to full time work, and live hand to mouth to put food on the table and cover daycare fees. I don't want that.
They will be suffering enough from being without a wife & mother.
If I could provide life insurance for my DH through my super, I would do that too.
So what's better insurance through super or with a different company? Which are the easiest companies to apply for?
I used to have a policy with RealInsurance. It wasn't too much paperwork, pretty easy actually. Then we changed to the one through my DHs super fund because it was super cheap, but the amount of paper work was absurd. No medical tests or anything, just loads and loads of questions.
Insurance line are very persistent and don't take no for an answer. They keep calling and calling. Think twice before you give them your number.
I was about to get life insurance through our bank but luckily for the first time ever I read my superannuation statement. Without me realising I have life insurance through 2 of my super companies and the monthly payments are taken out of my super amount so I am not making any payments from my personal bank account. Maybe this is an option rather than going through a bank/insurance company?