Do I Really Need Life Insurance? A Guide for Young Families
When you're young, healthy, and busy raising a family, life insurance can feel like a “someday” decision. But the truth is, life insurance is one of the most important financial safety nets you can have – especially when you have people depending on you.
🍼 Why Young Families Need Life Insurance
If something were to happen to you, how would your family manage financially?
Life insurance provides a lump sum payment to your loved ones if you pass away – helping cover:
Mortgage or rent payments
Everyday living costs
Childcare and education expenses
Debt repayments
Final expenses (e.g. funeral costs)
This means your family can grieve without the added stress of financial uncertainty.
💸 Isn’t Life Insurance Expensive?
Not necessarily. In fact, the younger and healthier you are, the cheaper it usually is. You’re locking in cover while you're less likely to claim – and avoiding higher premiums that come with age or medical issues later.
Example: A healthy 30-year-old non-smoker might pay less than the cost of a weekly coffee run for $500,000 of cover.
🔄 When to Revisit Your Cover
Your life changes fast when you’ve got a young family. You should review your life insurance if:
You’ve had a new baby
Bought a home
Taken on new debt
Changed jobs or income
Got married or separated
These events can all affect how much cover you need.
✅ What to Look for in a Policy
Not all life insurance is created equal. A good adviser will help you choose a policy that includes:
Guaranteed level premiums (so they don’t keep rising)
The right sum insured for your needs
Optional benefits like funeral advancement
A reputable insurer with a strong claims history
🙋♂️ Need Help?
Sorting out life insurance doesn’t have to be scary. We’re here to make it simple and tailored to you. Whether you're starting a family or simply want peace of mind, get in touch for a no-obligation chat.
📅 07 213
📩 support@legaseed.co.nz
🌐 www.legaseed.co.nz
Legaseed NZ Ltd (FSP1005404) holds a licence issued by the Financial Markets Authority and provides financial advice in relation to financial & retirement planning, investments, KiwiSaver and personal risk insurance. Our disclosure information can be found on our website www.legaseed.co.nz, or is available on request and free of charge.
