LIFE INSURANCE — PROTECT THE ONES YOU LOVE!
Most Australians will insure their car but neglect to insure their most valuable asset – themselves. In fact, many people do not even have sufficient life insurance to ensure their home loan is paid out in the event of their death let alone provide a lump sum to their families to provide for their future.
How can Life Insurance help?
Life insurance provides a lump sum payment in the event of death or terminal illness. You choose the level of cover at the time of application that best meets your circumstances and budget.
Having adequate cover in place can give you peace of mind, knowing that if the worst should happen, your family will be financially ok and able to maintain their standard of living.
Generally, you need life insurance if other people depend on your income, or if you have debt that will carry on after your death. After all, you don’t want to leave your loved ones without money to live on. Dependents could be anyone who is financially dependent on you, like a spouse, sibling or an aging parent.
The funds could be used for;
– Repay the mortgage or other outstanding debt
– Invest and create an ongoing income stream to replace lost wages
– Meet education and / or childcare expenses
– Help with estate planning or business buyouts.
You are married with two children in high school and a $250,000 mortgage. Your partner works full time and you have also recently returned to the workforce to help cover the daily bills. All is going well financially.
Then the unthinkable happens and your partner is in a fatal car accident.
Would your salary alone be enough to meet mortgage repayments, pay the daily living expenses of raising two teenage kids as well as the school expenses?
How would you cope financially?