Death of a Parent

In our busy day to day lives we focus on important things like our families and friends, our career and staying fit and healthy. We don’t make time for thinking about the fact that things can go wrong.  However if you have debts (ie a mortgage) and/or dependants (ie little people) OR you have adult children in this life stage then you really should take a few minutes to read about the value that personal insurance may offer to you.

Many people think they have cover within their super fund but can be shocked to learn that the level of cover doesn’t even pay out the mortgage, let alone provide for their family’s ongoing needs.

That’s why I was particularly interested in the findings from a recent study[1] that explored the impact the death of a parent has on children and the surviving parent.

Among families without insurance, the percentage who rated their finances as ‘struggling’ jumped from 14% to 47% after the death of a parent. By contrast, among families with insurance, the percentage of families who rated their finances as ‘adequate’ increased from 44% to 56% after the death of a parent.

Not surprisingly, this financial stability had a flow-on effect to other aspects of the family’s situation. Families with life insurance were more likely to stay in the family home, increase the amount of time they spend together, and maintain childhood friendships by staying in the same school than those without insurance.

Don’t put your head in the sand when it comes to personal insurance, consider this:

Time- it takes 30 minutes to have your adviser review your personal insurance needs (at no charge to you) for a life time of peace of mind.

Affordability – there are a number of options available to keep the costs low.

Comfort – in knowing that if something happens to you then your family will be financially stable

[1]’Impact of parent’s death on the family’ – Research conducted by Ipsos, prepared for ANZ Global Wealth, June 2015

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