Life insurance cover is a pre-agreed lump sum that is paid to your family and dependants in the event of your untimely death.
You can nominate whether the insurer will make ongoing annual payments to your family, or simply make sure all your debts are paid off. Your Resolve Financial Planner will work through your options with you, ensuring you are covered for everything you need including:
- Your current home.
- Any investments you may have.
- Your debts.
- Any family childcare or education costs.
- How much your family will need to live comfortably in the future.
Your choice can influence your monthly premium, and because it’s not always easy estimating how much your family will need to enjoy their current lifestyle, it’s important you get the right advice on the level and type of cover you require.
Mark is 47 when he passes away from cancer, leaving his wife Sarah and two children, 14 and 11. Mark and Sarah have a mortgage of $450,000 on their home and their children both attend a private school.
With Mark’s life insurance payout of $900,000, Sarah is able to pay off the mortgage and put money away for the children’s continuing school fees. While she increases the hours she works, Sarah is not forced to work full time and pay for additional child care services.
If Mark hadn’t taken out a Life Insurance policy before he got ill, the situation for his family could have been very different, causing those important to him a huge amount of stress.
How would your family cope in this situation?
Your Resolve Financial Planner will work with you to ensure that you have the best possible life insurance policy to provide support to your family.