Protecting what's important

If you're about to walk down the aisle or give birth, chances are insurance isn't top of mind.

But big life changes can provide the right time to talk about protecting your future lifestyle.

You may already have insurance through your super or personal policies, but in most cases this isn't going to be enough. What's more, there may be smarter ways to protect you and your family now your life circumstances have changed.

What many don't realise is that you are your biggest asset, and yet generally this is the most uninsured asset.

In addition to protecting your family from the impact of losing you with things like Life and TPD insurance, your income is a critical asset to protect. And yet many Australians insure their car or home before they protect their earning potential with Income Protection insurance.

Most people will make millions over their working lives. Check out our Future earnings calculator to see how much you'll earn. Isn't this worth protecting?

And while no one likes to dwell on the negative, insurance could protect your family's financial wellbeing if something happened to you.

The best news is it doesn't have to be difficult or impact your current lifestyle.

Simply talk to your adviser, or call our insurance experts on 132 652 to find out how you can help take care of your family's future.

It's interesting we insure our cars, our homes and our health without a second thought.

And yet so many of us leave ourselves wide open when it comes to the really important stuff - looking after our loved ones and protecting our income in the event of death or illness.

One of the biggest reasons for this is that many people don't realise is how easy and affordable it is to get covered, or what's available to protect themselves and their family.

Here's a rundown on the types of insurance available to protect what's really important:

Life insurance

Life insurance secures the financial future of those you'd leave behind if you died. It insures you for a particular amount, which can be used for the future needs of your family, such as paying off the mortgage or funding school fees.

Income Protection insurance

This gives you a monthly income protection payment of up to 75% of your earnings if you're unable to work due to sickness or injury. It helps cover your current living costs, such as mortgages, school fees and car repayments.

Critical Illness insurance

Critical Illness insurance cover pays a lump sum that lightens the financial load of a serious illness, so you can concentrate on getting better. Only with MLC Critical Illness insurance you also have access to Best Doctors , which connects seriously ill people to leading specialists who can help with your diagnosis and treatment plan.

Total and Permanent Disability (TPD) insurance

TPD insurance provides you with a lump sum payment if you become totally and permanently disabled and can't work. It can help pay medical costs, debts or make alterations to your home to help you adjust to your disability.

To find out which insurance solution is right for you, speak to your financial adviser or call our insurance experts on 132 652.

You may already have your insurance needs sorted, but did you know there's a smarter way to pay premiums so you make significant savings in the long term?

Level premiums (PDF, 4.33), unlike stepped premiums, are consistent over time* so you can avoid the additional cost in later life when you're more likely to claim.

Locking into level premiums as early as possible, when you're younger, means you can make significant savings in the future.

And because people have different needs at different stages of their lives, it's worth talking to an MLC adviser to see how a flexible premium option could be tailored to suit your situation.

Let's face it, most of us would rather our spend time and money on enjoying life now than taking out insurance.
But protecting your family's future doesn't have to compromise your current lifestyle and budget.

Here are some strategies to make insurance more affordable:

Buy your insurance in super

Buying insurance through your super means you may be able to take advantage of tax concessions that may make it cheaper than insuring outside super.

Pay your premiums annually

In some cases, you may be eligible for a discount if you pay your premiums annually, rather than monthly.

Save with Income Protection insurance

When buying Income Protection , choose a longer waiting period for your benefit payment and a shorter benefit payment period to significantly reduce your premiums.

Reduce the sum insured

As a last resort, you can consider insuring yourself for a lower amount.

If cost is a barrier, starting with a lower sum insured can ensure you get in while you're young and start enjoying the benefits of insurance, which can be dialled up as you need over time.

For more practical solutions that protect your family and maintain your cashflow speak to your financial adviser or call our insurance experts on 132 652.

If your parents have begun winding down their working hours, they may have already begun to take care of your children more often.

However, if something were to happen to you or your partner aren't insured (PDF, 2.88MB) this could become a permanent situation; adding serious pressure to your parents' financial funds.

There's also the future lifestyle of your children to consider; would they have to go without if you weren't around?

By taking out Life, and/or Total and Permanent Disability and/or Critical Illness insurance, you can help make sure your children's financial future is secure.

And the best news is getting covered doesn't have to compromise your current lifestyle and budget.

There's a wide range of flexible insurance products and packages available.

For more simple solutions to protect your family speak to your financial adviser or call our insurance experts on 132 652.