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Dealing with a death or serious illness in the family is difficult enough without the added strain that comes with a loss of income. That’s why life insurance is so important.
Here’s how life insurance can take some of the pressure off your loved ones at a difficult time.
In the event that something should happen to you or your partner, life insurance can help keep your family financially secure.
Yet recent statistics show that when it comes to life insurance the average Australian is woefully underinsured. The same report shows that the average level of life insurance cover meets less than two-thirds of basic everyday needs, and the average level of disability cover only meets a fraction (13 per cent) of daily living expenses.
While you probably have some level of life insurance through your super, it may not be enough. The fact is, many families today would need up to $1 million or more to protect their current lifestyle.