Life Insurance Blog

Do I need Life Insurance?

September 20th, 2012 | Posted by Editor in Articles

In most cases yes, many of us do not realise how affordable Life Insurance has become. The intention to sell your assets including your home and investments in the event you should die or become ill or injured should be a thing of the past.

The sale of the family home or other assets is a common response, how long will this sales process take?, how much will be left once loans have been repaid?, where will your ongoing income come from?

A few things to consider to determine your need for Life Insurance:

  • • Would my spouse and children be able to meet living expenses if I were no longer here?
  • • Do I have outstanding loans including mortgage that I would like to pay out if I were no longer here?
  • • Could my spouse and children continue their current lifestyle on welfare benefits if I were no longer here?
  • • Do I have any business loans I would like to payout if I were no longer here?
  • • Who would provide care for my children if I were no longer here?
  • • Do I have any other dependants who are reliant on my income that would be affected if I were no longer here?

Life insurance should become a priority once you have partner, children and established debt.

There are many different family structures these days, one person could be the main income earner, while the other provide a lesser but very important part of the family income, maybe both of you work with similar incomes, or one of you is the carer for children or older family members.

The main questions is, if something should happen to you, what would the financial impact be to your spouse, children or other family dependants?

This material is not intended to constitute personal advice, and must not be relied on as such. This information has been prepared without taking into account your objectives, financial circumstances or needs. Before making a decision based on this material, you should consider the appropriateness of this material having regard to your own objectives financial circumstances and needs. You should consider obtaining independent advice before making any decision.

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