I need help, I don’t know where to start looking for life insurance. We are a family of 6, 2A and 4C.
Those of you with kids who do you go through?
Do you just get Life Insurance for yourself and partner or the whole family?
I’d like some place that’s not going to stuff my family around when it comes time to release the funds.
I’ve seen way too many families being left to find money to cover the cost of their loved one’s funeral and I don’t want that to happen to my husband or children when it’s my turn to go.
This is a place where women from different backgrounds, cultures and beliefs come together to support one another judgement free.
5 Replies
Most of us already have life insurance as part of our super, I wouldn't bother with separate insurance personally. Funeral cover is a rort, if you start when you are young you end up paying thousands more than what the cover is, assuming you have 40+ years of life left. You're better off just having "rainy day" money aside and make sure it's in an account that both of you can access without the others permission or that will be an extra headache if something did happen.
Thank you for your reply.
I have LI with my super I just thought I’d need another as I wasn’t sure how it all works.
You need an insurance broker or financial planner if you are unsure. Insurance is complex & what suits someone else might not be right for you, and your individual needs will be taken into account. Some insurance providers are dodgy, but professional firms will not have them on their panel of options.
I work in the industry, but as I'm not qualified I can't dispense advice. But, you should have default insurance though your Super, which is usually not enough, and some is very basic, some excellent. It's not all Super so check. Some have higher premiums, different exclusions, different options (life, tpd, income protection, trauma), etc.
Yes, you both need insurance. Even an SAHP.
Funeral insurance is unnecessary. Just put what you'd pay in premiums into savings.
Having good insurance makes a massive difference. A friend didn't, her DH is TPD in his mid 40's & although they did get some money through their basic Super Insurance, it's nowhere near enough.
Thank you for your reply.
I’ll have to look more into my super LI, I’m not 100% on what it covers.
Definitely. If you can learn yourself, then no need for a planner/broker.
After seeing it be needed unexpectedly by friends, family & clients, you really understand the value of proper insurance.