...Single?
If you're single, you might think you don't need life insurance or critical illness cover. But this may not be true. If you suffer a serious medical condition that prevents you from working, you'll need something in place to cover income needs, and possibly the expenses of those caring for you.
And if you're planning to buy a home, your mortgage lender will probably require you to have life insurance to cover your loan. It's a good idea to get this in place now, to avoid a future health event making you uninsurable.
...Married?
When you're building a life with your spouse, the foundations you are laying need the protection that life and critical illness insurance provides. You and your spouse may use your combined incomes to take on more financial obligations, such as renting a larger apartment, buying a new home or cars, or planning for children.
A surviving spouse's income may not be enough to pay off debts such as home loan, credit card balances and car loans, let alone cover daily living expenses.
...A Parent?
Like all parents of children at any age, you want to ensure that your children's future is safeguarded. This means having enough life and critical illness insurance to cover those future responsibilities.
How will your family maintain it's standard of living if one or both parents were to die prematurely, suffer an accident, or be diagnosed with a serious illness?
Life and critical illness insurance will help ensure the family can meet it's financial obligations, pay off debt, pay the rent, meet the costs of education, and cover daily living expenses.
...A Business Owner?
Life and critical illness insurance can mitigate the impact on your business of the death or serious illness of your key personnel.
In most businesses, the loss of a key person would be devastating, and in the worst case scenario the business may have to close down.
Having a 'key person' insurance plan in place will reduce the impact that a death or serious illness of a key employee would have on your business.
...Retired?
A life insurance policy can help reduce the stress on loved ones in the event of your death. The proceeds of a life insurance policy are payable immediately, allowing your heirs to take care of taxes, funeral costs, and any debt without having to hastily liquidate other assets.