Is there ever a good time to think about life insurance?

August 6th, 2012 by

family life insuranceOf course there is, and if you do not have a life insurance policy, the time is now. In fact, having a life insurance policy in place is one of the most caring investments you can make for your family.

Australians are notoriously underinsured, although not when it comes to their cars or homes. In fact, if anything were to happen to your car or home tomorrow – burglary, theft, fire – you know your auto or home insurance will be there to repair or replace your lost or damaged property. So why wouldn’t your life be as valuable?

If you think about it, your life is far more valuable than you may realize, particularly to the loved ones who would be left behind if you should die. Without life insurance, the legacy you could be leaving them could be a hefty financial burden that may spell disaster for them. If you are the family breadwinner, who would pay the mortgage on the family home, put food on the table, or make sure the children’s school fees are taken care of if you were to die unexpectedly?

Life insurance can give you the peace of mind that comes with knowing your family will be taken care of if you aren’t there to provide.  If you’re afraid life insurance won’t fit into your budget, compare life insurance policies and see what options different providers are offering. You may be surprised to see more than one life insurance plan with a premium you can manage.

How does life insurance work?

If you were to pass away, your life insurance policy will make a lump sum payment of its value to the beneficiary you named, most often a spouse or an adult child.  You can add other types of insurance to your life insurance policy as well, such as total and permanent disability insurance that pays if you are diagnosed with a serious illness, or severely injured.  You can add trauma insurance for your children to a life insurance policy, and have the comfort of knowing that if they should become ill or injured, the trauma insurance can provide you with the ability to pay for specialists, treatments, and other benefits Medicare and even private health insurance often does not cover. It can even pay for lost income if you need to take time off from work to care for your child.

When you decide to bundle insurance policies together, the advantages include a possible discounted premium, incentives, and the convenience of paying just one premium monthly.

How does life insurance safeguard my family?

If you sit down and make a list of the everyday expenses your family incurs – mortgage or rent, for instance, groceries, utilities, car payments, school fees, clothing – the list may seem endless – you will quickly get an idea of the price your family will pay with the loss of your income.

When a loved one dies unexpectedly, the emotional toll on the family is devastating. Imagine the added burden of paying your funeral costs in addition to suddenly being faced with the living expenses that had always been taken care of with your income. The sudden loss of financial stability can be devastating for a family already grieving.  Life insurance can be the final gift you give your loved ones to make sure they are taken care of after you are gone.

Is the main breadwinner of the household the only one who needs life insurance?

Many Australian families operate under the belief that only the main income earner needs life insurance. However, think about the impact of losing a spouse who has always taken care of the home and children. How would you get by without their contributions to the family? Would you need to hire childcare or place your children in day care? Could you afford to do that? What about maintaining the home? If you work, will you have the time and energy to maintain a safe and tidy home for your family?

When a loved one passes away, there is much emotional pain to deal with. Adding the burden of balancing all their contributions with your own responsibilities can be overwhelming at best. By making sure a life insurance policy is taken out for both heads of the household, the struggles faced by those left behind can be greatly minimilised and the family can work toward finding its way back to some sense of normalcy at a more natural pace.

Life insurance means providing your family with financial security and the preservation of a lifestyle you worked hard to establish.  No one wants to think about death, but let’s face it – life is unpredictable. No one is immune from illness or injury, no matter what age, how healthy, or how carefully they live their lives. Sometimes, things just go wrong.

Compare life insurance policies to find one that best suits your family’s needs and budget. You may be surprised to learn that life insurance is not as expensive as you thought; but the price a family pays when there’s no life insurance protection to cushion them after the death of a loved one can be insurmountable.

Visit the MultiCover.com.au website to learn more and compare life insurance and other types of insurance policies at your own pace, and at no cost.

The Value of Children’s Trauma Insurance

August 6th, 2012 by

It’s every parent’s greatest fear:  a serious childhood illness or disabling accident. Children are not supposed to become sick or disabled, and adults rarely think about such tragedies until their own child is stricken.  However, without children’s trauma insurance in place before an accident or diagnosis, the financial, medical, and emotional ramifications of a serious diagnosis can be life shattering.

What type of protection is available for our children’s medical needs, and how best to compare children’s trauma insurance policies to ensure your peace of mind?  At MultiCover.com.au, we provide a variety of providers and insurance plans to compare and choose from.

The statistics can be frightening.  It has been reported that each year more than 600 children in Australia are diagnosed with some form of cancer, and an average of three die from the disease weekly.[i] While it is impossible to protect our children from every danger, being prepared for a serious medical condition can ensure your ability to provide them with the best medical and rehabilitative care available.

In many cases, a children’s trauma insurance policy can be attached to a parent’s policy, offering peace of mind that your child will be cared for if the unthinkable happens. Upon diagnosis, your children’s trauma insurance policy can provide a lump sum payment that may be used to ease the financial pressures that families face under these circumstances. It can also mean the difference between bare bones medical care and access to the best specialists, medications, and rehabilitative care not covered by Medicare or even many private health plans. In some cases, a children’s trauma insurance policy can even provide income replacement benefits for a parent who takes time off from work to care for the child, or fund a family holiday to ease the stress of the situation.

Every insurance provider has their own list of illnesses and injuries covered on their plans, which is why it is so important to compare children’s trauma insurance policies and choose the one that will provide you with the best coverage for your family’s needs.

Generally, most children’s trauma insurance policies cover:

  • Loss of vision/blindness
  • Brain injury/brain damage
  • Cancer
  • Heart disease/cardiomyopathy
  • Kidney failure (chronic)
  • Hearing loss/deafness
  • Encephalitis
  • Emergency hospitalisation/ intensive care
  • Intracranial benign tumour
  • Dismemberment/loss of limbs or sight
  • Loss of speech
  • Head injury/major head trauma
  • Organ transplant
  • Meningitis
  • Paralysis
  • Burns
  • Stroke

Remember, there can be significant differences in the medical definitions listed by insurance companies, so make sure to compare children’s trauma insurance policies and ask a professional advisor for help if you have any questions regarding coverage.

You may want to ask your insurance provider about a policy with a continuation option, which can convert the children’s trauma insurance policy to an adult contract after he or she reaches a certain age. Learn more about children’s trauma insurance and compare policies by visiting MultiCover.com.au, and discover the peace of mind that insurance protection can bring.