Australians regret delaying life insurance after major milestones

Only 10% recommended waiting until their 50s or later.

A quarter of Australians with life insurance regret not taking out their policy earlier, according to a Budget Direct Life Insurance survey of 997 policyholders.

The survey found that 39% of respondents believe the best time to take out life insurance is in their 30s, followed by 28% who said their 20s and 23% who said their 40s. 

Only 10% recommended waiting until their 50s or later.

The most common reason for purchasing cover was having children or other dependents (25%), followed by marriage (20%), and divorce (5%). 

Significant life events prompted 28% of respondents to take out life insurance, whilst  9% did so when preparing a will for themselves or a family member.

Despite the connection between wills and life insurance, 46% of respondents do not have a will.

More than half of those surveyed (59%) have held their policy for over six years, whilst  10% took it out within the past year. 

Over one in four respondents (26%) wished they had held their policy for longer.

Amongst Budget Direct Life Insurance customers, 23% purchased cover between the ages of 20 and 35.