Most Australians will insure their car but fail to insure themselves – their most valuable asset. And where people do have the best life insurance it’s often not sufficient to payout the loan of their home in the event of their death. One in five families will be impacted by the death of a partner/spouse, a serious accident or illness that renders a parent unable to work*. This means your family will not be able to maintain the lifestyle you and your partner have created for yourselves and your children. *Source: The Lifewise / NATSEM Underinsurance Report 2010.
Life insurance provides a lump-sum payment to your family on the event of your death. It will help keep your family from financial worry while still having to deal with the emotional impact of your death.
Here are some questions to think about when considering if you need life insurance:
· What would be the financial impact if you passed away or became ill or injured?
· Would your family be able to meet any debt repayments?
· How would your family maintain your current lifestyle?
· How long could they survive on any available savings or other assets?