3 Questions To Determine If Life Insurance Could Be One Of The Most Important Decisions You Make For Your Family

Life Insurance is not really something people think about on a daily basis, or even at all. As a parent with young children and a family, this article aims to provide you with some ‘food for thought’ to ensure you are making the best decisions for your family, with the right information at hand.

Thinking about our mortality, the potential of falling seriously ill, or financial hardship due to inability to earn an income, is not something that most people choose to do, and even avoid. But the reality is, tragedies do happen, and being prepared in the event something were to happen can go a long way towards ensuring the well-being of you and your loved ones.
If you have a family, it would be negligent not to ensure that their financial future is secured (especially with the living costs in Sydney) no matter what life may bring in the future. Putting certain insurances in place can give you the peace of mind to go on about your daily life without having any worry around the future financial wellbeing of your spouse and children.

If you are ready to spend some time planning for your family’s future, here are 3 quick questions you can ask yourself to help you get a better understanding of what your life insurance needs may be.

Q1: How would your family survive if your ability to earn an income stopped tomorrow?

A: Whether you are in a single or double income family, if something were to happen to you or your spouse that affected your ability to earn an income in the medium to long term – would your family be able to continue with your current lifestyle and have comfort that living expenses could still be covered moving forward?

Q2: Would you be able to afford the treatment and consequences if you or your spouse (or even one of your children) suffered a critical illness?

A: If you or your spouse fell seriously ill, would you have sufficient capital to ensure the best possible medical treatment? Would you want the freedom to be able to take some time off work to be able to focus on your or your spouse’s recovery, and if need be, assist with taking care of your children.

Q3: How would your family continue if you or your spouse were to die?

A: If the unthinkable happened, and one of you were to die –would your remaining partner and your children have comfort and financial stability moving forward in order to make any necessary lifestyle adjustments and to ensure that care and monthly living expenses were provided for, at least until your children are independent and out of home.

If the above questions highlighted any shortfalls for you, or perhaps you were unable to answer with certainty, then certain types of life insurance policies may go a long way towards providing you with comfort and security knowing that you are doing the best for your family and loved ones.

If you want to know more about what different types of covers are available and how these may be relevant to your needs, you can read our Beginner’s Guide to Life Insurance HERE, alternatively, a 30 minute meeting with a Fairbridge life insurance adviser will give you the opportunity to explore the life insurance landscape and how it may be relevant to your family’s specific needs.

At Fairbridge, our advisers have over 100 years of combined experience helping young families navigate the life insurance landscape and build an insurance portfolio of cover that is best suited to your specific needs. There is no out of pocket cost for our services, as with all life insurance brokers, our earnings are paid from insurer commissions. We are privately owned, and an initial consultation with one of our advisers is absolutely obligation free. So feel free to contact us today to arrange a no-fuss initial consultation.

Request A Callback

If you would like to chat with one of our specialist risk advisers for a review of your insurances, request a call back and we will contact you within 24 hours.

Call (02) 8066 1000 or fill out the form below:

This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. You should read the Product Disclosure Statement (PDS) before making a decision about a product.

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  • We're Privately Owned. Fairbridge is owned and operated by the people in our team.
  • No Insurer Limitations. We work with all major retail insurers across the market and as such, are able to place business with any company that may be most suited to your needs.
  • True Specialists. With a focus on providing specialised risk insurance advice, and over 100 years combined experience, we have been able to build specific and industry leading knowledge on the insurance industry
  • Claims Management Not enough can be said for the value of having a specialist adviser to assist you through your insurance journey and especially at time of claim to ensure the best possible outcome.

Request A Callback

If you would like to chat with one of our specialist risk advisers for a review of your insurances, request a call back and we will contact you within 24 hours.

Call (02) 8066 1000 or fill out the form below:

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