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Life insurance for singles

Are you single and enjoying your freedom? Do you relish your autonomy and independence? Not having to answer to anyone or compromise when decision-making can be quite liberating! But being single also means that you’re solely responsible for your finances and way of life.  

That’s why it’s so important to consider and plan for life’s unpredictability and sudden shifts. If you’ve ever worried about how you’d cope if you became terminally ill or how your family would manage financially if you passed away unexpectedly, then life insurance could be something you want to investigate.

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Do you need life insurance if you’re single?

There are many life stages of a single person, and at every stage of life, we all have certain responsibilities and commitments. These could include paying off a HECS debt, making home loan repayments, expanding your family, or looking after a pet. Life insurance is one way to plan for the unexpected and help financially protect the priorities in your life.

Life insurance if you’re young and single

Being young and carefree is an amazing time in life! The world is your playground and the possibilities feel limitless. However, life can be fragile and unpredictable. So, while you may think you’re too young for life insurance, having cover in place could help protect the future you’re building and dreaming of.

If you’re thinking to yourself “I’m young and don’t have a partner or kids that depend on me, so I don’t need life insurance” – it could make more sense to consider life insurance now rather than waiting until your health or situation changes, because as you age and experience health issues, the likelihood increases that your insurer will review your application and may offer cover under restricted terms. 

By taking out cover, you’re doing something simple to protect your financial future and your family's in case the unexpected does happen. 

Life insurance can help by paying a lump sum to your parents, siblings, and other important people in your life, if you pass away. You can nominate up to five beneficiaries and assign a percentage of the benefit you want them to receive.

This money can help them take care of any debts you might leave behind, such as university or other higher education fees, credit cards, car repayments or even a mortgage. This way, the assets you’ve worked hard to accumulate may then be able to be kept within your family and, any debts you have may not put added financial pressure on them. 

What’s more, if you are diagnosed with a terminal illness and have 24 months or less to live, Real Life Insurance pays 100% of the benefit amount to you. This can help you maintain financial independence right until the end, allowing you to spend time with your loved ones without additional financial stresses.

Life insurance if you’re a single parent

Being a parent brings with it an abundance of joy, but it also brings a lot of financial obligations. As a single parent, protecting your children and planning for the future can be crucial since you often shoulder parenting responsibilities on your own. According to the Australian Bureau of Statistics’ latest report, one in seven Australian families are one-parent families – that’s 14.7% of parents trying to nourish growing minds and bodies all on their own.

This includes taking care of your kids’ schooling needs, extra-curricular activities, special interests, health and nutrition – and trying to keep up with all the cool clothes, toys and tech gear they’re into – the added pressure of worrying about their future can be tiring. 

Getting life insurance can provide you peace of mind that if the unthinkable does happen in the future, your children can be financially protected, if the worst was to happen to you. The lump sum payment could mean they can continue living the life you’ve worked hard to nurture for them, and they can go on to have the bright future you’ve envisioned.

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Life insurance if you’re a mature single

Whether you’ve worked hard for your independence and enjoyed the single lifestyle for most of your adulthood or you’re an empty nester who’s looking forward to some freedom, you may want to consider life insurance. It doesn’t matter how you choose to live your life, for most, there are always ongoing expenses. Whether it’s rent, a mortgage or car payments – the bills don’t stop.

You can rest assured knowing that your ongoing expenses can be taken care of with the money from a life insurance payout if you were to pass away. The payout can be used by your loved ones in any way they need it. Or, depending on your policy, you may receive the pay out if you are diagnosed with a terminal illness, which can also be used however you wish.

With the latest Australian Bureau of Statistics report stating that eight in 10 people have at least one long-term health condition, protecting yourself and the lifestyle you’ve built can be a worthwhile consideration.

Why should I consider Real Life Insurance?

Here are some of the features and benefits of Real Life Insurance:

  • Choose cover from $100,000 up to $2 million
  • You can apply for cover from age 18 all the way to age 74
  • 100% of your benefit amount gets paid to you in advance if you’re diagnosed with terminal illness
  • Your family may get a 20% advance funeral payout, up to a maximum $20,000, subject to approval, to help with immediate expenses while they make a claim
  • It’s simple to apply over the phone, with no medical or blood test needed
  • Pay your premium fortnightly, monthly or annually at no extra cost
  • You can calculate how much life insurance you may need using the Real Life Insurance calculator

Why should I consider Real Life Insurance optional covers?

For added protection Real Life Insurance has three additional insurance options you can get with your life insurance policy:

Total & Permanent Disability Insurance

You can apply for a benefit amount between $50,000 to $1 million dollars depending on your age, to cover you if you become permanently disabled or can’t work due to a permanent illness or injury.

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Serious Illness Insurance

You can apply for cover from $50,000 to $500,000, for common serious illnesses like cancer, stroke or heart attack, if you are between 18 – 59 years old. If you are diagnosed with a defined serious illness, you get your benefit amount as a lump sum.

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Children’s Insurance

If you are a parent with children between the ages of 2 – 17, you can insure each of them for a benefit amount between $20,000 and $50,000. This benefit can prove useful if they suffer from a sickness or injury and you need to cover medical expenses, childcare costs, and replace any loss of income from having to take extended leave from work.

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Some things you should know about Real Life Insurance

  • The benefit amount you can be covered for and ability to add optional Serious Illness Insurance or Total & Permanent Disability Insurance are dependent on your age and underwriting outcome. Optional covers may expire.
  • Terminal illness diagnosis of 24 months or less to live.
  • Cover excludes claims as a result of a self-inflicted injury in the first 13 months.
  • Depending on your underwriting outcome your life cover may expire, and exclusions may apply.
  • For full details, read our Product Disclosure Statement

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