Yes, you might need life insurance earlier than you think.

I remember when I was a kid and all I could dream about was growing up. I’d dress up in my Mum’s heels, tap away on a typewriter and coil the phone cord around my finger (it was early the '90s after all). To me, adulting looked like power and freedom, and I wanted in. 

And now, 30 (or so) years later I’m living the dream. And while there’s certainly fewer high heels and typewriters than anticipated, I have to say – I’m a big fan.

I have two beautiful kids, a job that challenges and inspires me, a house in the country and a few weeks at the beach every year. I’m not saying every day of my adult life is rainbows and unicorns, but it’s a good life. I’d still totally recommend. Would adult again.

There’s just one thing… I call it ‘the ol’ adult fine print.’ In kid terms, it’s the vegetables you must eat if you want dessert. And look, until very recently, I thought I was doing okay in this department. I know roughly how much I have in my superannuation, current interest rate on our mortgage and I can host a cracking dinner party (kidding, we don’t host dinner parties — our interest rate is too high). 

I even have all these bits and pieces of this life I love so much insured.

Oh, except… you know — the life itself. 

To me, life insurance always felt way too morbid and confronting. I didn’t want to think about what would happen to my kids if I wasn’t around. So, I didn’t. That was, until a recent health scare rudely yanked me out of my ignorant bliss and insisted I face the one universal truth — nothing in this ‘one wild and precious life’ of ours is guaranteed – so I’d best get mine insured.  

It was time to start asking the hard questions — "hey Siri – what’s the deal with life insurance and how do I get it and can you please do it for me cheers thanks love." Unfortunately, Siri "didn’t understand" (#classicsiri) and I was forced to do the hard yards myself. I’m pleased to report, it was nowhere near as difficult as I had made it out to be in my head. 

First step, or course, was picking a life insurance company to answer my questions and get me sorted. Zurich Insurance kept popping up in good reviews online. They’ve been in the biz in Australia for over 100 years and offer insurance in 215+ countries. Also, if you know the type of cover you're after (you might have chatted to a financial adviser first about what you need), you can do the whole thing online from the comfort of your own home. Sold. 

Now, back to the basics… 

What is life insurance and why do I need it? 

Okay so please don’t judge too hard but the first thing I learnt was that life is insurance is about protecting your quality of life — not just what happens when we… you know (the word that rhymes with pie). The way I’ve come to understand it is that life will inevitably throws curve balls your way. You have two choices – one: insure yourself so you have a shot at catching them, or two: don’t insure yourself and get hit in the face by them. Repeatedly. 

Having life insurance means you or your loved ones can receive a financial payment in the event of your death or if you're diagnosed with a terminal illness. Life insurance can also be 'linked' to Total and Permanent Disability insurance, trauma insurance (if you're diagnosed with a major illness) and income protection insurance (if you can’t work as a result of an illness or injury). Even if you are a shining gold star standard, super fit sporty spice – your green smoothies and rock-hard abs ain’t going to pay your mortgage if you’re the victim of an accident or come down with a serious illness. 

While I’m on this, I also learnt that life insurance can grow with you — just like a pair of elasticised pants. Literally as soon as you're adult-y enough to have a life you are funding and intend to keep on funding (which is everyone), you might need life insurance. You might sign up today as a solo chick with a full-time job and mortgage, and slowly change it to suit your life — like if you choose to get hitched, or have babies, or get divorced… you get the idea. Every time your adult scorecard changes, you can review your policy to ensure the current chapter of your excellent life is totally insured. 

How do I get life insurance? 

Jump onto your laptop. Do not open your inbox, you’re a woman on a mission. Literally, your life depends on it. Ha! No, really, it does but also all you usually have to do is answer some questions about yourself and your lifestyle. Honestly, bit time-consuming and annoying but a small price to pay. 

You’ll need to provide your insurer with personal details like your age, smoking/drinking habits, employment details, any current medical conditions or investigations you are undergoing, and if you partake in any casual skydiving or base jumping on weekends. Depending on your answers to these initial questions, you may need to provide further details about medical conditions, medication and contact numbers of your GP and specialists. 

How much does it cost?

Plenty of factors affect the amount you'd pay for life insurance. These factors can include your age, your gender (generally, premiums for males are higher than premiums of females of the same age), your occupation, smoker status, the insurer you choose, and what you'd like to be covered for.

Once your life insurance application has been assessed and accepted, you can make payment and let that smug feeling of being a proper grown-up adult wash over you. Zurich Insurance allows you to pay monthly via direct debit, so you can work these premiums into your existing budget. 

And that’s it — you’re done. Go you!!!

After all that adulting, you deserve to treat yo’self. With Zurich life insurance, once you’re all signed up you get access to their Loving Life app, which offers discounts to over 7,900 special lifestyle and entertainment offers, including dining out, takeaway and family fun activities. 

My kids have loved trying out some new (discounted) activities with us like bowling and mini golf, and we’ve booked a holiday for later this year with extended family using the app. Life is, after all, for living. 

Explore Zurich's range of life insurance products online. If you know the amount and type of cover you need, you can get a quote online, otherwise reach out to your financial adviser.

Any general advice in this article has been prepared by Zurich Australia Limited (Zurich) ABN 92 000 010 195, AFSL 232510. It does not take into account your personal objectives, financial situation or needs. You should consider these factors and the appropriateness of the information to you. Consider seeking advice specific to your individual circumstances from an appropriate professional. You should also consider any relevant Product Disclosure Statement, Target Market Determination and the Zurich Financial Services Guide available at zurich.com.au before making any decisions.

Feature Image: Getty.