Life insurance, funerals & wills

Anonymous

Life insurance, funerals & wills

Hi IMs, I'm just looking for some advice as I'm not sure where to start with it all.
I'm 21 going on 22 this year and still in good health. I've one child with another due in the coming weeks.
I would like some advice on life insurance, funeral cover/insurance and wills.
I currently don't have any real assets (no properties or shares etc). Children would simply be in the care of my partner who is the biological father, so I'm in no way concerned about that should anything happen to myself.
What does concern me is my own side of the family, namely my parents. I feel they would try fight on custody, and of course final resting place etc. I live in another state to them (where they live is where I was born & raised). I'm not sure if it makes any difference but I'm no longer on speaking terms with my parents, though in all honesty they've never been respectful of my wishes anyway. They've also only seen my child twice; both times was because I travelled down to see them as they never put any effort in on there end.
So any advice? I know it might seem silly to think about this sort of thing but I like to be prepared and to know my children will be taken care of. (I say children simply because I'll have another bub soon as said above).
Any way to make things legally binding so any wishes etc are respected and cannot be argued with? I should mention the only life insurance I really have is just what was done through my Super. Do I get a separate account/policy for this? What about funeral cover? How do you get a will written up?
Sorry if this kind of seems all over the place.

Posted in:  Life Lessons, Self Care, Health & Wellbeing

2 Replies

Anonymous

As far as care for your children goes don't worry about it at all. The children would automatically stay with there dad. A will doesn't stop your parents trying to dispute custody but they'd have to prove that there dad was totally unfit to raise them (it's a pretty big standard) or that the kids were in there custody vast amounts of time while you were alive. Basically all they'd be awarded was one visit a month, if that. Your parents wouldn't even be able to take dad to court without attempting mediation first.

What you do need to worry about and set in place Is who raises your kids if something happens to both parents. So if you and your partner both died who would raise your children.

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Anonymous

1. Go and see a solicitor to do up your wills.
2. Go and see a financial planner, the first appointment will be free (usually, depends on the planner). They will discuss the different types of personal insurance: life, tpd, trauma and income protection (read up on it before you go and you will get more out of the appointment).
3. Funeral plan meh up to you. When considering your personal insurance needs, 10k or so is generally added to cover your funeral costs.
3. Whatever you do, don't get your personal insurance cover through one of those TV/telemarketing companies, all products do not come equal.
4. Your planner will tell you the ins and outs of your insurance within your super and whether you should cancel or retain it.

Good luck, you sound like a very responsible person.

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