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Myths about life insurance


Published 9 October 2018

Busting common myths about life insurance.

1. I’m too young for insurance!

You may not have a family to look after yet - but you still need to look after yourself. If you were to lose your regular income, you might not be able to afford your current lifestyle. It could even mean moving back in with the folks.

If sickness or injuries mean you can’t work, income protection insurance can help with regular payments - helping you keep up with your rent, mortgage or everyday living costs.

2. It’s too expensive - and it’s a hassle to apply.

Life insurance can be surprisingly affordable - with cover from around a few dollars a day, depending on your age and the type and level of cover you choose.

And the good news is, life insurance can also be easy to get. You can even do it yourself online or by phone and get a personalised quote in minutes. in some cases you won't even need medicals or blood tests to apply. Life insurance is a small price to pay to help secure your financial future, and take care of the people who depend on you.

3. I’ve got insurance through my super - that’s enough for me.

You may have some insurance through your super, but often it can be less than you really need - particularly if you have a mortgage or a family. And while you may be covered if you pass away, you may not have income protection to cover a short-term setback.

That’s why it can be a good idea to top up your insurance - so you won’t be caught short if you need to claim.

4. Between worker’s comp and sick leave, I’ll be right.

Worker’s compensation can pay you a benefit if you’re hurt while you’re working - but have you considered what would happen if you were injured over the weekend, after work, or when you’re on leave? 

An injury on the soccer field or a brush with cancer could see you out of action for several months. After your sick leave runs out, you could be left without an income, making it hard to cover your expenses and debts. But, in most cases, life and income insurance will cover you 24 hours a day - both at work and at play.

5. If something happens to me, the government will look after us.

Government benefits can pay far less then you expect, making it difficult to maintain your lifestyle, pay your mortgage and look after your family. For example, in 2018, the disability pension was a maximum of $907.60 a fortnight for a single person aged 21 or over (with or without children)disclaimer - could you afford to live on this? With life and income insurance, you can set the amount you receive, helping ensure you’ll have enough to get by.

Find out more about ANZ Life Insurance

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This information was published on 9 October 2018 and is subject to change.

The issuer of this information is ANZ. While ANZ has taken care to ensure that this information is from reliable sources, it cannot warrant its accuracy, completeness or suitability for your intended use. To the extent permitted by law, ANZ does not accept any responsibility or liability arising from your use of this information.

Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522 AFSL 234527 is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). The issuers of these products are not Banks. Although ANZ distributes these products, these products are not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuers or the products. 

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Based on a single person, aged 21 or over, with or without children. Source: Lifewise / NATSEM Underinsurance Report 2010 (PDF 332 kB)

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