Protecting Your Family With Life Insurance

Family and Couples Life Insurance

Make sure your family is protected financially when you are no longer around. Insurance companies have some great offers available to ensure your family, including your partner and children, are covered.

We can help prepare family life insurance quotes for you and your partner or children.

Select life insurers offer discounts for couples who both take out cover. The discount will depend on each insurer and the type of cover but can be up to 10%, potentially saving you thousands of dollars over the life of the policy.

When you are going through your family insurance comparison, make sure you ask your consultant what the available discount is.

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number-1Advantage of insuring the working partner/spouse

Taking out life cover for the working spouse has a number of advantages:

  • Helps with payment of mortgage or rent payments.
  • Provides funds for day to day living expenses such as groceries and utilities.
  • Can help with funding your children’s education, including university.
  • Allows family to continue their lifestyle and not be forced to move and lose their established support network.

number-2Advantages of insuring the non-working spouse/partner

You might ask why should I insure my wife or husband who doesn’t work? However, this may be one of the most important decisions you can make in protecting your family. Often, the non-working spouse takes care of running the home. If you were working full time, who would take care of:

  • Cooking
  • Cleaning
  • Laundry
  • Buying groceries
  • Taking children to and from school and other activities
  • Helping children with homework
  • Helping children get dressed in the morning

By making sure the non-working spouse/partner is insured, the money from their policy can not only help to pay mortgage and rent expenses, utilities etc but also can help employ a nanny, cook or cleaner to help care for the children and home while you are working in your normal job.

number-3Free Built-in Child cover

  • Many of the insurers we compare offer free child cover of up to $10,000 for each child when you take out a policy.
  • This generally covers you financially if your child passes away or suffers from a terminal or critical illness.
  • This is generally available for children aged between the ages of 2 and 16 however this may differ between life companies.

number-4What types of family cover are available?

Both you and your partner can generally take out any life insurance policy in any combination.

For example you might decide to take out Life Insurance and Income Protection for yourself but only Life Insurance for your partner.

While ‘joint’ life insurance policies are not available, most insurers do offer discounts when both partners take out cover.

You can also add Child Cover to your policy. While some insurers offer free child cover of up to $10,000 when you take out cover, most insurers offer a stand alone child policy.

For Children, most of the policies cover:

  • Death
  • Terminal Illness
  • Critical Illness such as Cancer, heart attack, major head trauma, stroke and more.

number-5Additional Child Cover Option

Select insurers may also offer increased Child Cover as an additional option. Generally you will be able to increase your level of child cover up to $200,000.

This generally includes cover for death, terminal illness and critical illness.

number-6Who should take out family life insurance?

If you are married, have children or have a mortgage or you are planning to start a family or purchase a home, you may want to consider taking out cover that protects your family. Even if your partner or spouse doesn’t work, taking out cover for them to protect your family financially may still be very important.

Lump Sum Cover (Life insurance, Trauma insurance, TPD insurance)
For a lump sum cover, select providers will allow you to apply for cover up until the date of birth and some providers may only allow you to apply for cover up until the end of the second trimester if:

– you have had no previous complications with pregnancy or;
– you are not currently experiencing complications.

You may need to wait for 6 weeks after the birth of your child before you can apply for cover, if:

– you have had previous complications;
– you are currently experiencing complications or;
– you are ineligible for cover as you are in your third trimester.

This allows time for any complications to be resolved and for you to make a full and complete recovery from giving birth.

Income Protection Insurance

If you have had no previous complications or are currently not experiencing any complications, select providers will allow you to apply for income protection cover right up until the end of the second trimester.
However as income protection protects your personal exertion income, you will need to confirm your return to work intentions including:

  • How many hours you intend on working when you return
  • Whether it is full time / part time
  • If part time how many hours / week on average will you be working

If you have no plans to return to work, you will generally not be eligible to apply for income protection as it only protects against your personal exertion income, which you won’t be earning if you’re not working.
You should always consult with an insurance specialist before making any decision

number-7How do I add child cover to my policy?

While some insurers will offer free child cover of up to $10,000, other insurers may only offer child cover as an optional benefit attached to your policy. This will generally require you to provide child’s medical history.

Additional benefits available within child cover:

When child cover sits as a stand-alone policy it often comes with a number of its own options and benefits:

  • Conversion Option: Allows the policy to convert into a full standalone trauma policy at a certain age, usually 21.
  • Indexation: Keeps the policy up to date with inflation.
  • Premiums: You can generally choose between stepped or level premiums.
  • Continuation of Cover: Allows the child’s policy to continue if the policy owner (parent) passes away.

Who offers the best family life insurance policy?

Each insurer will offer different benefits for you and your family. Some will offer multi-policy discounts, some will offer free child cover, while others will offer both.

One of the most important things you can do is compare family life insurance across a number of providers so you can see which policy may be right for you.

Published: December 5, 2017

Ask an Expert?


  • Lindsay |

    Are there policies that cover 65 year old and over. We have been told that after you turn 65 the cover you had is no longer any good and that a 65 year old person can not take out a Life Insurance cover of 300,000 that policies stop when you reach the age of 65. Can you please advise if this is correct.

      Brett Lenertz |

      Hi Lindsay, Thanks for your making contact. We are able to provide Life Insurance to people aged over 65. When you refer to Life Insurance policies ceasing at the age of 65, you may be referring to Group Life Insurance policies that are often held during employment and are held within a employer structured superannuation policy. Outside of the superannuation environment we can look at cover for over 65’s with many Life Insurers able to offer cover either up to 70 or 75 years of age for policy commencement. Generally, these policies will cease cover at the age of 99. Keep in mind that there may be restrictions over the age of 65 around stepped and level premiums and sums insured but you are welcome to call us on 1300 135 205 and one of our Life Insurance Specialists can provide options here for you.

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