Life insurance can be customised to meet your changing needs as you progress through life stages. Tailoring your life insurance as you age can be tricky if you do not know what to cover and consider- Let’s show you how.

Singles and couples in their 20s
You’re young, active, and ready to start your job and have fun with life. Even if you don’t have kids or a house yet, you may still have bills like credit cards, school loans, or car loans. Life insurance helps pay off bills so that loved ones don’t have to. People your age could be at risk for getting hurt or having an accident. If you get sick or hurt and can’t work for a long time or at all, income protection insurance may help pay your bills. Total and permanent disability (TPD) insurance, on the other hand, covers medical bills if you get hurt badly enough that you can’t go back to work. Critical illness insurance, which is also sometimes called trauma insurance, can help if you get a certain serious illness. It can give you a lump sum to pay for your hospital bills and help you get back on your feet. If you are healthy and want to buy insurance, you may have to worry about extra loadings or exclusions on your policy, as long as you don’t have any health problems.

First-time homebuyers, 30s
It looks like you’re making progress at work and may be thinking about or have already bought your first home. If you customise your life insurance, it may give your beneficiary a lump sum to cover your debt and living costs if you die. This way, your loved ones will still have a place to live without having to sell assets or borrow money from family. Income protection (IP), total and permanent disability (TPD), and critical illness insurance can help pay your bills if you get sick or hurt and can’t work for a long time or at all. Most insurance companies let you apply for the coverage you need, so you can choose coverage based on things like total debt, lost income, living costs, school costs, and more. For people under 35, mental health was the main reason they filed for Income Protection with OnePath in 2022. This coverage can help you if you need to take more time off work in the future.

New parents in their 30s and 40s
Having a job, care for others, and a place to live can be hard on your finances at this point in your life, and your kids may need ongoing help now and if something bad were to happen to you. You might want to include a lump sum in your life insurance policy to cover your home, short- or long-term living costs, and future needs like school. If your income is not properly protected, you might want to increase your TPD and income protection coverage to help you deal with your new financial needs. Some items come with extra child coverage that doesn’t cost extra.

Singles and couples in their 50s and 60s
As rates rise, now is an excellent time to assess your policies to make sure they meet your present and future needs and adjust them to your budget. If your mortgage is low and your kids are independent, you may need less life insurance. You may want to support your kids or grandkids. Income protection can decrease if you work less or save more. For singles, it may be plenty. Since critical illness diagnosis is more likely during this stage of life, TPD and critical illness insurance may benefit those with more health difficulties. Critical sickness and death claims are greatest in this age group.
Tailoring Life insurance policies may offer additional perks such as:

• Reward programs to reduce premiums and earn points to purcahse goods and services at a discount
• Increase coverage for key milestones without having to go through further health underwriting like having a baby, purchasing a home, or receiving a promotion.
• Discounting when bundling cover or linking superannuation accounts and other benefits.
  
  Our office offers personalised life insurance solutions to safeguard you and your loved ones at whatever stage of your life. We can sit down with you to understand what is important to you and work out the best options, coverage levels and insurance providers based on your age, occupation, hobbies and other factors before helping you with the application and implementation process. Please reach out to our office on 02 9188 1547 and you will get through to our Oran Park or Norwest/ Baulkham Hills location, alternatively you can email admin@rpwealthmanagement.com.au
  
  If you like this article, you may also like:
  
  https://www.rpwealthmanagement.com.au/do-i-need-life-insurance-if-im-young/
• https://www.rpwealthmanagement.com.au/estate-planning-its-more-than-a-will/
  https://www.rpwealthmanagement.com.au/life-insurance-for-married-couples/
  

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