If the worst were to happen to you, how would your family pay the mortgage or cover the cost of basic essentials? Regardless of whether you are the primary or secondary wage earner in your household, every contribution counts. It’s too easy to underestimate the difference your salary makes until it’s gone. Here are some things to consider for your family’s future.
What would you leave behind?
No one wants to think about insurance until the day they need it. If you passed away, it’s likely your dependents or loved ones would inherit your investments and/or your assets. On the other hand, they would also inherit your debts and mortgage repayments.
Looking after your family
If your family is reliant on your income to help meet repayments now, have you thought about what they would do if you weren’t around? The right level of life insurance cover for you will depend on your lifestyle and stage of life . Financial advisers can help you to navigate which life insurance best suits your personal circumstances.
Protect your greatest asset
In Australia, lifetime earnings may be significantly greater than the equity in your home. But while most of us insure our home, most of us don’t protect our income. Our income drives our lifestyles – so have you given serious thought as to what you would do if it disappeared?
If the primary wage earner was injured, most families would immediately have trouble meeting the cost of everyday living expenses such as home loan repayments, energy bills and urgent home repairs. Income protection helps to replace a portion of lost monthly income so you can focus on getting better.
Don’t wait until it's too late
Insurance doesn’t just provide financial help to your family. Many policies also cover you against events such as an injury that leaves you unable to work (through total and permanent disability), or an accident that causes irreparable damage to your home. Is your family’s financial future covered?
The information presented is general in nature and does not take into account your personal goals and objectives. This information does not represent financial product advice. You should always seek independent legal and financial advice before making a decision in relation to a financial product. Read the Product Disclosure Statement (PDS) before making a decision.