WHEN SHOULD YOU CONSIDER LIFE INSURANCE PRODUCTS?

Natasha Gardner • October 15, 2024

If you’re experiencing a major milestone, it might be the right time to reassess your 

life insurance needs.

Major life events often prompt people to take out life insurance products, including having a baby, taking out a mortgage, buying a home and getting married.

YOUR FIRST JOB

Starting your career may not seem like the right time for life insurance products, but an illness or injury can disrupt your income significantly. Income protection insurance provides a regular income when you can’t work due to serious illness or injury, which can help to cover essential living expenses like rent or the cost of a carer.

MARRIAGE OR A SERIOUS RELATIONSHIP

Entering into marriage or a serious relationship often means shared financial responsibilities. Life insurance can help to provide peace of mind, ensuring that in the event of illness or death, you and your spouse can get peace of mind knowing that you are more financially secure without needing to rely solely on savings or credit.

RAISING A FAMILY

When starting or growing your family, considering life insurance can be an important step. While superannuation may include some life insurance, it might not be sufficient to cover the costs associated with raising a family if you are diagnosed with a terminal illness or pass away. Life insurance can help to protect your dependents against financial uncertainty.

TAKING OUT A MORTGAGE

Consider who will handle the mortgage payments if something happens to you or your spouse. Life insurance products can offer financial protection when buying a house, securing your first home loan or increasing your mortgage, ensuring that funeral expenses and/or loss of income are more manageable for your family.

RETIREMENT

While the need for life insurance may not be as obvious once the mortgage has been paid and the children grown up with their own families, there are still several good reasons to hold on to it or even take it out. Having life insurance can offer additional financial security and peace of mind in the event you are diagnosed with a terminal illness or sadly pass away.

More GTP Articles

Bookkeeping Tips

By Natasha Gardner • March 26, 2025
Effective bookkeeping is vital for the success of any business. By understanding and implementing various methods, leveraging the right software, avoiding common mistakes, and following practical tips, you can maintain accurate financial records and make informed business decisions. Common Mistakes Below are some pitfalls to watch out for: By being aware of these common mistakes [...] Read More The post Bookkeeping Tips appeared first on Green Taylor Partners.

Fringe Benefits Tax (FBT) Explained: What Employers Need to Know

By Regina Chia • March 19, 2025
Fringe Benefits Tax (FBT) is an important consideration for employers who provide additional perks to their employees. Whether it’s a company car, free gym memberships, or entertainment benefits, these perks may be subject to FBT. Understanding how FBT works can help businesses remain compliant and avoid unnecessary tax liabilities. In this article, we’ll break down [...] Read More The post Fringe Benefits Tax (FBT) Explained: What Employers Need to Know appeared first on Green Taylor Partners.

Building a Brand Identity to Standout in a Competitive Market

March 17, 2025
Some major businesses are able to ‘capitalise’ their brands. That means the brand has been valued and included as a balance sheet asset.  Most businesses don’t go to those lengths… but leaders who build valuable brands usually have a better chance of standing out and attracting customers and partners.  Let’s look into what makes a [...] Read More The post Building a Brand Identity to Standout in a Competitive Market appeared first on Green Taylor Partners.

Death & Taxes – What happens when I die?

By Matt Richardson • March 12, 2025
There are some general rules you need to be aware of when preparing your own Estate Planning or having some role in the affairs of a deceased estate. Inheritance There is no tax payable on assets which pass from an Estate to a beneficiary in accordance with the deceased’s Will. Final Tax Return The deceased [...] Read More The post Death & Taxes – What happens when I die? appeared first on Green Taylor Partners.

Tax Planning

By Kathryn Hamilton • February 26, 2025
As much as it sucks, tax is a part of life and I am sorry to say but it isn’t going anywhere! To reduce it, you could be doing some forward planning to make informed financial decisions. Everyone can benefit from tax planning from the biggest business to an individual. Why is tax planning important? [...] Read More The post Tax Planning appeared first on Green Taylor Partners.
More Posts