Life Insurance Is A Must For 40 Years Old?

According to recent research by Suncorp Life Insurance - 40 is statistically the most dangerous year of your life, thus it may be a good time to update your life insurance.

Suncorp analysed 2008 data from the Australian Bureau of Statistics for causes of accidental death in Australia and determined 40 as the average age of death across five accidental death categories (roads, poisoning, falls, drowning and choking) among Australians aged up to 74 years old.

Accidental Deaths in Australia Graph

Roads top accidental death list

As we can see from the picture above - deaths on our roads topped the list of accidental deaths with 1226, representing 55 percent of all accidental deaths and ranked first of the top five categories.

Contrary to the beliefs that young males are the most accident prone on our roads online database of the Department of Infrastructure and Transport shows 39 year old males were more dangerous on our roads than 24 year old males recording more deaths than the younger age.

Other findings from the research shows:

  • More than twice as many males die of poisoning
  • Elderly women statistically more likely to die of falls
  • Drowning deaths skewed to males and the youth
  • Retirees record significant incidence of choking

Life Insurance for 40 years old

How much life insurance for 40 years old would cost in Australia? For a $500,000 life insurance cover estimated monthly premiums would be between $36 and $40 if you are non-smoker, and between $70 and $86 if you are smoker. Of course exact premiums depend on your situation and health.

So if you're heading into your 40s this year - please call us on 1300 793 143 or fill out the for on this page and we will compare up to 10 life insurance companies in Australia to find you cover.

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Published on January 1-th, 2011 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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