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24 February, 2025
Why your wealth plan should include life insurance even if you’re young and healthy
First Financial Team
Most people see life insurance as something to think about later, but the best time to get it is when you’re young and healthy. The future is unpredictable, and a wealth plan should include protection at every stage. Life insurance provides financial security and strategic benefits. Starting early means lower premiums, greater flexibility and stronger long-term advantages.
At First Financial, we create customised wealth plans for every stage of life. Planning ahead ensures your family is protected if the unexpected happens.
Our team recommends life and other insurance tailored to the circumstances and financial needs of your dependents. Here’s what you need to know.
Life insurance as a financial safety net
Consider your full financial picture and what would happen if you were no longer here to help meet your family’s financial obligations. Would your family be left covering debts, mortgage repayments and daily expenses alone? Could your spouse manage these costs on their own, or would they need financial support? This is where life insurance steps in, providing a safety net to ensure stability during uncertain times.
Insurance protects your family from more than just death. Many policies include total and permanent disability (TPD) or critical illness cover to help you stay financially stable if you’re unable to work.
No one expects hardship, but it can happen without warning. The right coverage ensures your family won’t face tough decisions, like selling the family home or struggling to cover daily expenses, during an already stressful time.
Life insurance as a strategic financial tool
Life insurance can play a strategic role in your wealth plan and provide valuable tax benefits. Payouts are generally tax-free, so your family receives the full benefit when they need it most. Holding a policy within your superannuation may also be a tax-effective option, as premiums can be funded with pre-tax contributions to reduce out-of-pocket costs whilst your superannuation fund can claim the insurance premium as a tax deduction.
Another key benefit of life insurance is immediate financial support. Unlike non-liquid assets such as property or investments, which can take time to sell, a payout provides fast funds to help your family cover urgent expenses without added stress.
Coverage can be tailored to fit your financial goals and adapt as your wealth grows. Policies can be structured to cover specific liabilities, support dependents or complement other wealth-building strategies.
Looking at the long-term
Financial responsibilities change as your wealth grows. From buying a home to raising a family and planning for retirement, life insurance protects what you’ve built and what you’re working toward. Even if you’re young and just starting out, the right cover ensures your financial future stays on track, no matter what happens.
The right life insurance policy should offer sufficient coverage while staying affordable over the long term. Taking a balanced approach to wealth management allows you to maintain protection without overcommitting financially.
Additionally, life insurance plays a key role in estate planning and wealth transfer. It helps cover costs like legal fees and outstanding debts, allowing your family to inherit what you’ve built without financial complications.
Why now is always the right time…
“Now is the time” is a phrase you’ll hear often because it applies to so many situations. The longer we put things off, the less likely we are to act. Life insurance is no different. Even if you’re young and the risk of sudden tragedy is low, the future is unpredictable. Taking action now protects your finances and the people who matter most.
Another reason to act now is cost. Life insurance premiums increase as you age and as health risks develop. Taking out a policy while you’re young and in good health helps you secure lower rates, keeping long-term coverage more affordable.
Your health can change at any time, and once it does, securing life insurance may become difficult or costly. Pre-existing conditions can lead to higher premiums or even limit your options. Getting coverage early ensures you have protection in place before any health issues arise.
Talk to the experts in wealth planning and insurance
Planning for the future means taking action today. A strong wealth plan isn’t just about growing assets—it’s about protecting them. Life insurance offers the security needed to safeguard what you’ve built and ensure financial stability for both you and your loved ones, no matter what lies ahead.
Whether you’re building wealth, starting a family or approaching retirement, it’s important to think about how your assets and loved ones would be protected in an emergency. At First Financial, we help you make informed decisions and find the right level of cover to protect your future without unnecessary financial strain.
To learn more about the importance of life insurance, income protection, total and permanent disability and business insurance, or to get started on the pathway to wealth today, talk to a member of our friendly team.
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When Tim received an overseas medical settlement, he and Adam had just 14 days left in a 90-day window. They needed clear guidance, fast. A referral led them to First Financial.
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After decades of running a successful pharmacy, John sought financial guidance to simplify decision-making and support long-term planning.
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Retired widow
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Lyn stepped into financial management for the first time after her husband's passing. With patience and care, First Financial supported her through grief, learning, and empowerment.
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Retired
Background:
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