What a hugely challenging year 2021 has been for everyone…
Phew, a bit of a toughie but let’s give it a go!
First of all, let’s set some parameters. Say you’re a family, 2 adults (late 30’s, both with good health), 2 children (under 12). One adult working full time, one working part time. You have a mortgage of $350,000.
We would start by setting you up with some life insurance & trauma policies, making sure the rest of the family is looked after should anything happen to an adult.
In this situation, you want to make sure that bills will be sorted, the mortgage will be paid and costs of living to be more than covered for an extended period of time (perhaps 2 years for the family to recover and get back on their feet).
The other policy we would discuss would be income protection cover.
This means if the adult who works full time was to suffer some kind of medical condition which means they are unable to work, they will receive a pay out to cover this loss of income.
When you need to recover, the last thing you want to be stressing about is that ever increasing pile of bills, your main focus should be getting better & spending time with your family. Income protection cover allows that to happen & it means you and your family remain protected.
Let’s talk estimated figures…
Adult 1 (works full time)
Life insurance $550,000
Trauma Insurance $80,000
Income Protection $80,000
Adult 2 (works part time)
Life Insurance $450,000
Trauma Insurance $50,000
Total monthly policy cost = $100