Thursday, September 20, 2012

Go get a (but read this first!)

Being 38 weeks pregnant it seems the pregnancy hormones are getting to me. If my husband is 5 minutes late home I assume that there has been a car accident and the pregnancy dreams of the house getting sucked up Wizard of Oz style and us living in a tent in the yard are just some of the joyful side effects this pregnancy is bringing to me. 

I've always been one of those people that always tick the insurance box. Home check, car check, health check, travel check, postage for that pair of shoes my daughter NEEDED check but life insurance is one that I never really thought about until having kids.

Now that we are a one income, mortgage, 3 19/20 children family if something should happen to my husband or I things would be hard, really hard! How do you juggle looking after 4 children under 6, earn a living and think about the future for all of you?

Having one income and trying to trim the fat off the budget it's often tempting to let insurance go or get less comprehensive insurance but people are making more claims than ever. Add it to your 'must have' list rather than the list of luxuries. Just think of the peace of mind rather than the added stress of the 'what if's' if something were to happen.

Why do Australian's need the Life Awareness Movement?
  • nearly 50% of people have difficulty understanding insurance terms & gathering unbiased information
  • 1/3 of super fund members are unaware their fund offers insurance cover
  • Many Australian's don't understand how much insurance cover they actually need.
    • Actual cover vs. cover required (based on IFF/AIST formulae)
      • Average death cover: $189,000 vs. Average cover required $431,000
      • Average level of TPD: $162,000 vs. Average cover required $437,000
      • Average level of IP: $2,700 a month vs. Average level required $3,750
(TPD - Total Permanent Disability, IP - Income Protection)

This is something all of us with young families need to think about and sit down and talk to our spouses about. Get out your super and insurance papers and read through the fine print to see what and how much you are covered for.

Visit the life insurance calculator from Life Insurance Finder and then compare life insurance plans to find the right option for you.

I am participating in the LIFE Awareness campaign. I received a VISA gift card for this post courtesy of Life Insurance Finder via Digital Parents Collective. I am also in the running to win an iPad3. As always, all opinions are purely my own.

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