Would you trust your family’s financial security to community goodwill and charity?

3 September 2018

Rarely does six months go by without hearing about a tragic circumstance that has befallen an individual with a young family and financial commitments.   A great and positive thing which comes out of the community and social media, is that we immediately see personal and financial support offered through “go fund me” type charity pages.

As a Financial Adviser, I often wonder whether the person could have made other provisions for their family in the form of life insurance and estate planning.  Although online fundraising will no doubt provide welcome short-term financial relief to the family, it would be unlikely to meet the long term financial needs.  I would be even less likely to trust my family’s financial future to government support agencies.

So what is the solution?

Take out a good quality life insurance policy through a reputable insurer and speak with a solicitor in regards to completing a Will.

Many Australian’s now have automatic insurance cover through their superannuation fund which is both positive and negative. The positive, is that it gives many people a base level of cover that they wouldn’t otherwise have.  The negative, is that it is often low quality insurance with exclusions and is insufficient to meet the member’s needs.  The quality of insurance varies significantly from fund to fund.

 

Basic types of costs and expenses that life insurance can provide funds for include:

Repayment of mortgage and debt.

Funeral and estate costs.

Children’s education cost.

An ongoing income for a spouse and children.

Child care cost.

 

Kelly Wealth Services can assist with the following Insurance Advice:

Help you calculate how much Life Insurance is needed for your family.

Review the insurances you may already have through your superannuation funds. (This can include Life Insurance, total and Permanent Disablement and Income Protection)

Provide advice and comparisons on the quality of any existing cover -We read the fine print.

Where appropriate consider alternative insurers to meet your needs.

Consider what other insurances may be needed, such as income protection, trauma and total and permanent disablement.

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