According to research by major Australian insurer TAL, the cost of personal insurance ascends after the age of 35. This is also the time in our lives that you may be going through significant change such as marriage, children, a bigger mortgage and more responsibilities.
In the previous five years to 2017, TAL announced that it paid out insurance claims to the sum of $66m to people aged up to 35. But this figure soared for those aged 35 – 46 to a total payout sum of $152m.
From our experience, it is wise to get personal insurance cover (i.e. death, disability, income protection, or trauma) in place before you turn 35.
It is important to stress that an appropriate insurance plan is wise at any age until you amass enough assets, create passive income streams, or reduce debt in order to become ‘self-insured’.
Talk to us so we can share our technical expertise and experience required to make sure you are properly covered.
Source: IOOF Ltd