As we grow older, build families and start businesses, we realise more and more how important life insurance is.

Whether it's life cover, income protection or another form of life insurance, here's six reasons why you shouldn't put off getting cover this year.

1) You've got debt

Have a car loan? Mortgage? Credit cards? Think about what happens to that debt when you're no longer around.

Will your loved ones be able to cover it, or will they struggle? Taking out life insurance now is a sensible way to look after your family's financial future.

2) You're not the only person who relies on your wage

If you're the main breadwinner in your family, your children, partner or even your elderly parents may depend on your income.

Could they manage day-to-day expenses without you? And what about paying off any loans? If you financially support anyone, you need life insurance. Plain and simple.

3) You're ready to make this a year of change

Many people have made this their year for positive changes after an interesting post-covid period. Whether it's getting married, having a baby or starting a business, big life changes mean big financial decisions - and committments.

Use this year to think about what your future looks like and protect yourself against the unexpected.

4) You could do with some peace of mind

The start of this decade gave us a pandemic, global protests and a whole heap of uncertainty We could all benefit from a little peace of mind this year. Taking out life insurance will give you exactly that.

5) Your super's life cover... isn't so super

Is life insurance included in your super? If it is, there's a good chance that this one-size-fits-all policy won't cover what you want it to cover. Even government body ASIC says some of the default life cover in super is poor value for money*.

Taking out a more comprehensive life insurance policy is a smart way to ensure you have a policy that fits your lifestyle - and will pay out when you need it.

6) You may get sick or injured

Half of all Australians are diagnosed with cancer by the age of 85**, while one in two people report having a chronic disease.^ And we're still recovering from a global pandemic.

It's why taking out life insurance can help you and your family financially if you can no longer work due to illness or injury - whether temporarily or permanently. Life insurance can also pay out if you pass away. This is the kind with which most people are familiar - but life has many curve balls to throw at you, and it's best to be prepared.

If you want security and peace of mind for you and your loved ones, life insurance could be one of the most valuable investments you'll ever make.

Life cover can be surprisingly affordable if you do your research and compare policies.

This is where Compare Club comes in. Our experts make it easy, comparing cover from ten of Australia's leading life insurers to find the right policy that protects you and the life you've built.

The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. As such, it is important that you consider the appropriateness of the advice and the relevant product disclosure statement (PDS) before proceeding. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Compare Club Australia Pty Ltd.

ASIC, Default insurance in superannuation, December 2020. Cancer Council Australia, Facts and Figures, Jan 2021* ^ Department of Health, Chronic Conditions in Australia, Jan 2021