Life (Insurance) starts at 30 - when Aussies wish they'd signed up for coverage

BRISBANE, Australia, Aug. 12, 2025 /PRNewswire/ -- One quarter of Australians with life insurance wish they'd taken out their policy earlier in life, according to a new Budget Direct Life Insurance survey. 

The poll of 997 Australians with life insurance also reveals the age they recommend signing up.

Around 39% of people surveyed felt the best time to invest in life insurance was in your 30s, followed by your 20s (28%) and in your 40s (23%). Only 10% of respondents recommended waiting until your 50s or later.

"The top two moments of any adult's life would have to be the birth of their first child and getting married," said Budget Direct Chief Growth Officer, Jonathan Kerr.

"That usually happens for most Aussies in their 20s and 30s, so it makes sense that's the prime age for making plans to take care of our families no matter what happens to us."

Over 23% of Budget Direct Life Insurance customers take out their insurance when they are 20-35 years old.

Nearly 28% of respondents took out life insurance because of a significant life event.

The biggest factor for taking out cover was having children and/or other dependents (25%).

Just over 20% of respondents said they took out life insurance because of a marriage, while 5% said it was because of divorce.

When preparing their Will, 9% of survey respondents took out their policy either for themself or a family member.

"It's interesting then, that 46% of people in our survey don't have a Will," said Mr Kerr.

"Although you don't need a will to name a beneficiary of life insurance, it can certainly provide clarity around your wishes, should the unthinkable happen."

Stand-alone life insurance:

• Can be tailored to your unique circumstances
• Coverage amount can be easily adjusted
• Payouts can be quicker, with funeral advances available
• Can nominate distribution of funds

The Budget Direct Survey revealed well over half of respondents (59%) had held their life insurance policy for longer than 6 years.

Only 10% of respondents took out their policy within the previous year, and one quarter (26%) wished they had held their policy for longer.

To read the full survey breakdown, visit the Budget Direct website.

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DISCLAIMER

The Budget Direct Life Insurance suite of products (Budget Direct Life Insurance) is issued by NobleOak Life Limited (AFSL 247302 ABN 85 087 648 708) (NOL). NOL and its representatives handle all claims. Budget Direct is a brand owned by Auto & General Services (ABN 61 003 617 909, AFSL 241411) (AGS). AGS does not issue or guarantee the Budget Direct Life Insurance products.