Finding the right life insurance is all the more important if you're a parent or you're caring for other family members who, because you are the main breadwinner, rely on your income. In the event of your death, life insurance can provide financial security and peace of mind to your family at an otherwise emotionally difficult time.
Here are a few things to consider...A policy to suit you
Honesty, as they say, is the best policy. So a good way to start thinking about the level of cover you need is to sit down and work out your needs and circumstances. Factor in every little detail, so you get the right life insurance policy and the right level of cover for those who depend on you. If you are not sure, you should speak to a financial adviser about the best way to protect your loved ones.Think about the future
Particularly if you have young children, it's important to think about their future needs. As they get older, they can get more expensive. You might be considering a private education, helping them with driving lessons, paying for music lessons, and so on. While we don't like to entertain the unthinkable, arranging a secure future for your family is a really positive thing to do. It's your legacy.It's an investment
Some people may consider personal insurance protection as an investment - it's there to provide financial support and security in the event of something unthinkable occurring and it can help to maintain your family's standard of living.Put yourself in their shoes
Deciding on the right level of cover can appear to be quite complex and overwhelming. As well as making sure you think about your family's immediate financial needs, it's important to consider future needs such as educational costs.
The information in this article is about life insurance and related products generally and not a specific product.Important note
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 Product Disclosure Statement (PDS).