Market Overview

Popular Wedding Season a Timely Reminder for Life Insurance


With Wedding season currently upon us, Australian Life Insurance Company highlights the importance of purchasing life insurance to protect loved ones.

(PRWEB) October 29, 2012

Spring is the most popular season to get married, with October being the trendiest month to walk down the aisle – as reported by the Australian Bureau of Statistics.

According to a Suncorp Bank report, over 17,800 couples are expected to say their wedding vows this month, spending an average $48,296 on their wedding day which is the equivalent of a 10% deposit on a $500,000 first home.

An important factor that can often be forgotten or swept aside, amidst the romance and joy that a wedding brings, is life insurance. Australian Company miPlan urges all Australians who are getting ready to take their vows to take a moment and think of the security and benefits that life insurance can bring to them.

Director of miPlan Stephen Handley says the celebrations in life such as weddings are a timely reminder for couples to look into purchasing life insurance, as it is the time they set upon solidifying their partnership and are potentially preparing to start a family.

“Weddings are no doubt an exciting and joyous time for the bride, groom, their family and friends.” Mr Handley says. “As much as we don't think it will happen to us, accidents can and do happen at any given time. Should the unthinkable happen to you, the comfort in knowing that your family is going to be protected financially, is the most valuable gift you can provide to your loved ones.”

A survey completed in 2010 by the National Centre for Social and Economic Modelling (NATSEM) found that Australians are among the most uninsured people in the developed world. The report also found that 95% of Australian families' do not have adequate personal insurance; this is despite the statistics that 1 in 5 Australians will experience the unexpected death, accident or illness of a parent.

Mr Handley also highlights that as we age, it can often become difficult to obtain life insurance due to the cost or the individual's medical history. “It's important, therefore, to sort of your life insurance while you are still in good health and costs are reasonable,” he presses.

The price of insurance can vary significantly, and is subjective to a number of factors including your personal situation. This can include your age, gender, smoking status etc.

Life insurance pays a lump sum upon death or terminal illness. The lump sum can be used by your loved ones to replace a lost source of income, pay off debt and pay for funeral and additional expenses.

Established in 2011, miPlan offer products of Life Insurance and Permanent Disability Payment.

Visit their website to find out more information or follow them on Facebook and Twitter

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