Empty Nester? It Might be Time to be Insured

Your children have finally moved out, and it suddenly feels like the first time you and your partner moved in together. Once again, you have more time for each other, only that now, you are now more mature and have more stable finances. You have your own home, a car, and enough savings tucked away in your bank accounts.

With all these great things happening in your life, it's also time to look forward and plan for your future. Retirement is the first thing that comes up at this stage. It's the time when you can travel and see the world, or increase your assets further. However, it also helps to plan beyond all these. This is also the time to take better care of yourself. Insurance helps secure your future and lets you live a worry-free life.

Why You Need Insurance

You are probably wondering why you still need to be insured at this stage. After all, you have saved enough money for unexpected circumstances. However, have you really considered if enough is really enough?

Think about these things:

  • Would your savings be enough to help you maintain your lifestyle when you're no longer working?
  • Would you rather use your savings to enjoy life or to see it go to hospital expenses due to accidental injury or a serious illness?
  • Are your savings enough to let you enjoy your retirement and pay for your remaining credit card debts and mortgages?

The point is, leave your savings for expenses that will help you enjoy your golden years. For everything else, leave it to insurance. Besides, there is no telling what could happen in the future. It thus helps to know that you will always have enough money for situations such as accidents, illnesses, and beyond.

Types of Insurance to Choose From

There are several types of insurance that you could choose from, depending on your needs. These include:

  • TPD Insurance - if you were permanently disabled that prevented you from earning income, Total and Permanent Disablement Insurance could help pay for your hospital and rehabilitation expenses, and your remaining financial obligations.
  • Critical Illness Insurance - in the unfortunate event that you or your partner is diagnosed with a terminal illness, your insurance policy can cover your expenses, including your medical expenses and your mortgages.
  • Life Insurance - this is probably one of the most common types of insurance. You could use part of your partner's estate to pay off debts he or she may leave behind. Meanwhile, the rest could be invested further, or used as you see fit.

To find out more about the insurance for you, it helps to talk to one of the consultants at Rate Detective. They will provide you with information to help to make a sound decision based on your own personal requirements and your budget. Aside from that, they will present you with a comparison of up to 9 insurers in the country, giving you the power to choose the insurance you want.

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Published on October 10-th, 2012 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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