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Life Insurance for Starting Out

Practical information about Life Insurance cover for young professionals.

Whilst you’re getting an understanding of your financial priorities, it pays to enquire about taking out Life Insurance at a young age. As an adult there is no bad time to apply for cover. The truth is, other than a small number of exceptions, generally speaking the younger you are when you get insured, the less you’ll pay.

Life Insurance for adults under 30

It will typically be less expensive to purchase life insurance in your 20’s, while you are young and have a good bill of health, than it may be further down the track when you have additional responsibilities, such as raising a family or taking out a mortgage. Young adults carry a lower risk of making a claim than, for example, someone in their later years with an illness or injury.

Life Insurance for adults under 30 is also considered a more cost-efficient way of helping to obtain financial security than later in life because of how stepped premiums work. With stepped premiums, the cost of Life Insurance increases each year with your age. It might increase up to about 2% per year if you’re under 30, but as you approach middle-age, the increase in your premium will rise to a greater percentage of about 5-7% per annum.

It’s therefore likely that you will face higher premiums later on in life depending on the type of cover you choose.

Life Insurance for young professionals

Have you wondered how you would cope if a serious illness or injury stopped you working for a while? If days turn into weeks or months, the financial repercussions of a loss of income can be traumatic to bear.

Income Protection Insurance is a type of Life Insurance cover that provides you with an income if you can’t work due to a serious illness or injury. The benefits, paid as a regular monthly income for a period of time during which you are unable to work, are there to help support you and cover essential living expenses like rent and car repayments.

Income Protection is something to consider alongside, or in addition to standard Life Insurance cover, including for those in their late teens, or 20’s who are planning ahead in life.

You can also enquire about Business Expense Insurance if you own a company or are thinking about taking the leap as a self-employed contractor or freelancer. NobleOak can assist with covering fixed costs of running a business in case you can’t work due to sickness or injury, up to a maximum of $25,000 per month.

Life Insurance for other key life events

If you’re interested in learning how Life Insurance can help improve your financial circumstances for other key stages in your life, browse the related Life Insurance guides below.

Getting Married

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Taking out a Mortgage

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Raising a Family

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Calculate your Life Insurance in a few simple steps

Find out how much Life Insurance you need and receive your personalised Life Insurance report.

Types of Life Insurance

With NobleOak’s Life Insurance, you can help protect your lifestyle against a serious illness or injury, so you can keep living your life while easing the financial burden.

Life Insurance

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Income Protection

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TPD Insurance

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Trauma Insurance

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Business Expenses Insurance

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SMSF Insurance

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