Hi.
I'm a 28 year old Aussie male. Very healthy. Non smoker.
Married to a 29 year old Irish girl. Very healthy. Non smoker.
We have a baby girl.
We are renting - so no mortgage commitments.
I am the sole bread winner. Earning 50k. Permanent job: though still in "probationary period", have been assured of long term employment.
I want to have some sort of life insurance, and income protection: if I am injured/diagnosed ill/killed/lose my job, my wife (and I if I am alive) should be comfortable financially.
Have been looking at these life insurance policies online, and have a few q's.
So many questions, sorry. I have been trawling the forums for answers, but haven't found anything that meets my requirements specifically. If you reckon I'd be better off talking to someone, rather than posting all the dumb q's, just say so...
Ta.
I'm a 28 year old Aussie male. Very healthy. Non smoker.
Married to a 29 year old Irish girl. Very healthy. Non smoker.
We have a baby girl.
We are renting - so no mortgage commitments.
I am the sole bread winner. Earning 50k. Permanent job: though still in "probationary period", have been assured of long term employment.
I want to have some sort of life insurance, and income protection: if I am injured/diagnosed ill/killed/lose my job, my wife (and I if I am alive) should be comfortable financially.
Have been looking at these life insurance policies online, and have a few q's.
- Am I looking for a combined policy, or two separate ones (income protection and life)?
- I'm thinking I am really only looking to insure myself. She already has a small life insurance policy. And quite frankly, if she's gone, an insurance payout will be the least of my concerns. I can always support myself and child.
- Would a 500k policy be a good ballpark figure to insure for life insurance? I realise thats a "how long is a piece of string" q. But like, in 30 years time, 500k is going to be worth diddly squat anyway isn't it? Which leads into my next q:
- What are the implications/things to consider, when weighing up say a 10 year term vs a 30 year term? Is it just that if I was to take out another 10 year policy in 10 years, it would/could cost more than the 20 year one would cost now?
- Does best practice dictate that I should be insuring for 30 or 35 years, ie, till I retire?
- Do I have to watch out for increasing premiums, or if I am quoted x per month, does that mean x per month for the next 30 years?
- What is the go with being able to "draw down" an amount if I cancel a policy? I'm not really interested in being able to get money back, if its going to cost me more now - we are quite capable of saving sufficiently.
- If we go to live in Aus, and I die over there, will an income protection plan, and/or life insurance policy be any good to us?
So many questions, sorry. I have been trawling the forums for answers, but haven't found anything that meets my requirements specifically. If you reckon I'd be better off talking to someone, rather than posting all the dumb q's, just say so...
Ta.