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Myth 2 - ``Life Insurance Is Too Expensive!``

Truth

The biggest misconception around life insurance is that it’s too expensive. In  fact, it’s too expensive to not have life insurance. Most people are surprised to learn that life cover is cheaper than they actually think.

It’s too expensive to not have life insurance!

  1. On average, cancer patients are admitted to hospital 5 times, use outpatient and accident and emergency services 21 times, visit a GP 26 times, use other medical services (outside of hospital) 36 times and have 14 prescriptions for drugs
  2. The cost for cancer drugs alone can reach as high as $60,000 p.a.
  3. The cost of a wheelchair can be more than $3,000
  4. Additional costs of childcare, electricity, laundry and taxis quickly add up
  5. A funeral can cost anywhere between $4,000 and $20,000

The tables below indicate how much insurance you can purchase, starting from only $1 per day.

Age Male Female
30 $826,597 $1,239,895
35 $551,064 $901,743
40 $323,451 $572,259
45 $176,079 $297,574

Assumptions: non smoker, stepped premium, paid annually

Age Male (Electrician – Licensed) Female (Nurse – Registered)
30 $332,952 $329,639
35 $274,927 $223,089
40 $185,538 $168,594
45 $104,342 $114,434

Assumptions: non smoker, stepped premium, paid annually, own occupation TPD

Age Male (Electrician – Licensed) Female (Nurse – Registered)
30 $5,538 $3,437
35 $4,633 $2,875
40 $3,167 $2,184
45 $2,156 $1,487

Assumptions: non smoker, stepped premium, paid annually, QLD resident, 30 day waiting period, 65 benefit period, indemnity contract, increasing claim option.

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