Over the last week I have heard a few appeals in the media and in social media; 'Father of twins diagnosed with brain cancer, appeals for donations so family can be looked after', 'Mother and baby die instantly in accident, family seeks donations to assist living family cover their cost of living'.
These are only two, there are many more. It truly breaks my heart to think of any family out there battling these demons and dealing with the thought of their child/rens questionable future.
I have children, and to me, nothing could be worse to know I cannot be there for their tomorrows, but more, that they may become displaced, and lose everything I have worked so hard to give them and have a questionable future.
Many think, she'll be right, never mind - it won't happen to me, and if it does family, friends or the government will take care of me. Unfortunately, that is not the case.
The fact is, all our futures have a question mark. Sickness, or an accident may happen, it's part of life but what we can do is plan to ensure if anything does happen, you and your family are safeguarded.
Income Protection is a monthly benefit that pays you up to 75% of your income and covers you for accidents, illnesses or major traumas. It pays you up until you return to work (after your waiting period), if you cant return, up until retirement age being age 65 (depending on your occupation). Income protection is tax deductible and is designed to ensure that you can continue to pay the mortgage, put food on the table and carry on financially until you return to work.
Life insurance, which pays out a lump sum to the policy holder's estate upon their death, can also provide comfort, knowing that your family will be able to pay off the mortgage, the bills or school fees if you should die unexpectedly.
Most Australians have some cover in their superannuation. By law, superfund trustees must provide a minimum level of life insurance cover for their members. So this is a good starting point.
Contact your superannuation fund. Find out how much cover you have.
Educate yourself. Go to lifewise.org.au to find any information you need and use the insurance needs calculator to find out how much is enough.
Take action. There is nothing worse than saying 'I should have' so don't.
Everyone's circumstances are different, work out which is best for you. Your options are: Go direct to an insurer. Go seek further advice from a Financial Adviser. Contact your superfund to find out how to supplement your current cover to what is required.
In the end, one of the families which has been appealing to the public ended up with roughly $17,000. Which is an amazing effort for the community, however, we all know, with a mortgage, bills, and kids, that is just a drop in the water.
Lifewise is an awareness campaign which talks to Australians about the issue of underinsurance.
Currently, 95% of Australians are underinsured.
Time to remove yourself from that figure.
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