The average cost of raising a family soars to over $1 million – Could you afford that on a single income?

A recent study conducted by social researcher Mark McCrindle has challenged the Federal Government's estimate of ‎‎$384,543 to raise a child, suggesting the real cost of raising a family is instead closer to ‎$1,028, 093‎.

McCrindle cites a range of circumstances that have contributed to this vast difference in estimates, but points primarily to the government focusing on the fundamental costs such as food and clothing, and failing to address the social factors. When you add the auxiliary costs of electronics, private schooling and tutoring, and extra curricular activities, the expense of raising a child rises quite dramatically.

Considering these costs do you think you would be able to continue to raise your children in the same way if something were to happen to you or your partner?

While life insurance can seem like an extra cost to your family right now, imagine the cost to your family if you or your partner were to become sick, injured or worse.

Life, Critical Illness, and Permanently Unable to Work Cover allows you peace of mind to know that your family would be OK if the worst were to happen.

Important note:
The insurance is issued by Allianz Australia Life Insurance Limited ABN 27 076 033 782, AFSL 296559. The information contained on this website is general information only. It does not take into account your individual objectives or financial situation. You should therefore consider the appropriateness of the insurance having regard to your objectives, financial situation and needs. Prior to making any decision you should read the Allianz Life Plan Product Disclosure Statement and Policy Document (PDS). You should seek advice from your financial adviser before deciding on appropriate insurance cover.

Source: McCrindle Research (2008) www.mccrindle.com.au