Having a family is a life-changing experience, with lots of new responsibilities and priorities to go with the joys and adventures that come with growing together as a family unit.
Young families – planning for the future
At this life stage (mid-30s to mid-40s, with children) it’s all happening: your family is well established, your mortgage is substantial (but hopefully diminishing) and there are plenty of everyday expenses to manage to keep it all going. It’s an amazing time of life - but a financially tough one, with one partner normally needing to cut back on employment to look after the young ones at home. When it comes to protecting yourself and your loved ones, this is a critical life stage.
Why life insurance is so essential for young families
The best time to secure your family’s life insurance needs is when you and your partner are still reasonably young and healthy, The best time to secure your family’s life insurance needs is when you and your partner are still reasonably young and healthy before you have developed any major health issues and while you’ve still got a great range of options to choose from. Leaving it too late may cost you more in the long run, so plan early for your family’s financial future.
Latest figures show that for a typical middle-income family, the cost of raising two children in Australia is now over $800,000 – up a staggering 50% since 2007. Unfortunately, income in the same period has only risen by 25%, which means the financial burden on young families is now greater than ever1. Private schooling and a larger home to accommodate your growing brood only add to the existing financial challenges, so making sure you and your loved ones are well covered is the best way to ensure peace of mind and protect your future.
With ongoing education costs, everyday living expenses, car payments, a home loan and a host of other obligations to provide for, the need for affordable life insurance cannot be overstated: how would your family cope if something happened that made it impossible for you and/or your partner to work again or look after your home? The greater your financial responsibilities, the more important it is to have life insurance that protects you and your loved ones from unexpected calamities.
What’s the best cover for you and your family?
Our Budget Direct Life Insurance options are tailored to your family’s needs, and priced to fit your tight budget. Our Life Cover offers a Death Benefit that protects your family if you should pass away unexpectedly. If you’re no longer there to provide for your family, this cover provides a lump sum benefit of up to $1 million (depending on age) so your family will be better able to cope with both ongoing debt commitments and everyday expenses. A quick comparison Once you have a Life Cover policy with Budget Direct, you can then choose between several optional benefits to make sure you’re covered for specific requirements. These additional benefits include TPD, Trauma and Trauma Plus, and Children’s Cover of our life insurance products will give you a better idea of what we offer.
Once you have a Life Cover policy with Budget Direct, you can then choose between several optional benefits to make sure you’re covered for specific requirements. These additional benefits include TPD, Trauma and Trauma Plus, and Children’s Cover.
TPD (Total and Permanent Disability) is an additional cover intended to financially provide for your family if you should fall victim to a total and permanent disability that makes it impossible for you to continue to manage your home or work in any occupation. Total & Permanent Disability (TPD) Cover is what’s known as a Living Benefit (as opposed to the Death Benefit that’s provided under your standard Budget Direct Life Cover policy).
Trauma and Trauma Plus Cover are other important Living Benefits that can easily be added to your existing Life Cover. Both provide additional protection if you should suffer a serious illness or injury, including heart attack, stroke, certain types of cancer and coronary artery bypass surgery.
As parents, our most basic instinct is to protect our children and do all that we can for them. We certainly don’t want to even think about something bad happening to them. But serious illness, injuries or worse can happen to children as well as adults, and that’s why Children’s Cover is an important consideration for every young family. If your child should pass away, be diagnosed with a terminal illness or suffer from a specified serious injury or illness, a lump sum benefit of between $20,000 and $50,000 can be provided to help you cope.
All our life insurance benefits and options come with their own specific limitations, exclusions, terms and conditions, so make sure you read the Product Disclosure Statement so you know precisely what benefits are included with your particular policy.
When’s the best time to get a quote for affordable life insurance? Right now!
What are you waiting for? Grab an online quote today and see what you can save!