Insurance – It’s not just the breadwinner that matters
When thinking and talking about life insurance the main focus seems to be on the “breadwinner” because without the income he or she generates, debts would not get paid and the family’s lifestyle would change dramatically for the worse. Unfortunately the partner of the “breadwinner” is often forgotten, or if not forgotten, life insurance for the partner is not a priority and it is a cost that can be avoided.
Are you or your partner a stay-at-home parent or does one of you work part-time hours due to family commitments? If so, you should have an insurance review as soon as possible!
Why? Because it is the money and time that the non-breadwinner saves the family through what they do that is so important to the continuation of the family’s lifestyle.
Stop and think about how much child care would cost if the stay at home partner couldn’t look after the children and you needed to pay for a nanny, cook, cleaner and transport. You may think that extended family members would step in and help out, and often they do, but for how long can they do this? Indefinitely?
Life insurance can protect against financial loss in the event of a stay-at-home partner passing away (term life cover), becoming disabled (total and permanent disablement cover), or having a critical illness or injury (trauma cover). Although all three types of cover are triggered by different events, they all provide a lump sum that can assist with medical expenses and care, paying down or paying off debts, funding education expenses, paying for a housekeeper, and even funeral expenses.
Nothing can ever make up for the sudden loss of a loved one or the stress and worry when a loved one suffers a serious injury or illness. Having adequate life insurance cover in place for both the breadwinner and the stay-at-home partner can at least provide financial peace of mind when you need it most.
Please don’t delay, contact us for a full review of your family’s life insurance needs.