A recent study has shown that the main trigger for taking out life insurance is having children.

The survey of 1500 Australians conducted by Asteron Life asked consumers to nominate life events which would prompt them to take out life insurance or income protection.  The results showed that 51% of people purchased life insurance due to having or deciding to have children.

Other triggers which rated highly were taking out a mortgage (46%) and getting older (39%).

Mark Vilo, Asteron Life Executive Manager

Mark Vilo, Asteron Life Executive Manager, said the research indicated that younger Australians would benefit from putting a financial plan and protection in place earlier. “The average age for Australians to have children is 31 and to buy a first home it’s 34.  That means much of Generation Y are either experiencing or about to experience these life changing events.  A little bit of planning can go a long way, and ensure life-changing experiences can be fully enjoyed without financial stress.”

To find out how much life insurance and income protection costs go to Compare Quotes or go to Get Advice to discuss your options with an adviser.