Over the last 10 years single person households have risen from 19.5% to 24.3% of all households in Australia. That’s nearly 1.9 million households.*
Single households in Australia are on the rise; therefore it’s likely that more single loan applications are being processed and in turn more single loan protection applications.
Our Authorised Representatives, mortgage brokers, tell us their single applicants commonly say...
“I’m single with no dependents so it doesn’t apply to me”
“I’m young and healthy, it won’t happen to me”
“I don’t need to leave my house to anyone”
Single applicants will have different motivators for choosing to purchase loan protection than couples or those with dependents - but that doesn’t mean loan protection isn’t for them.
Most of us associate life insurance with death – but what would happen if we didn’t die and had to live with the effects of serious illness?
If you’re a single applicant it’s essential that you consider how you would pay your mortgage, medical bills, maintain your independence and support your lifestyle should you become seriously ill.
To date ALI has paid over $16 million in claims to single policy holders. In fact, in the last financial year (FY12-13) over 50% of claims paid were for single policy holders+.
No one ever thinks it’s going to happen to them but everyone should be prepared if it does. Make sure you’re protected.
+Current as at 17 June 2014