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 a great 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 consider life insurance that protects you and your loved ones from unexpected calamities.