They say there’s only two sure things in life – Death & Taxes. So we know it’s a given! It’s a fact of life that we won’t always be around. And like most people, you’ve probably thought about how your family will cope emotionally if you’re not there.
But what about the finances? Australian research indicates 60% of families with dependents will run out of money within a year if the breadwinner dies*. Australians unfortunately have incredibly low levels of cover in place to protect their loved ones. Many feel that their ‘super will cover it’ and it’s often not the case.
With Life Insurance, you can have peace of mind knowing that you have cover for terminal illness and death. This means you and your family can better focus on themselves instead of the finances. Cover often can be arranged via a superannuation fund, and this means no ‘out of pocket’ expense for the family. Although not appropriate in all cases, this may be worth consideration in your situation. Covering all debts plus the funeral is a great place to start… but add in the missing income you’d have provided, healthcare and education expenses and the family needs can start to add up!
There are other types of cover to consider too, like income protection, total & permanent disablement, or even trauma. All are designed to help you out financially if you can’t work due to illness or injury.
Wealth Planning Partners can help you find the right insurance solution for you and your family, so you can be financially prepared for the unexpected. If you would like further information or would like to arrange an appointment with a risk specialist please call Amanda on 07 5593 6895 or Trevor on 07 5525 3233.
*IFSA Research – A Nation Exposed. Conducted for IFSA by Rice Walker Actuaries and TNS Australia, 2005.