Family financial security is a strong foundation for happy and healthy family relationships. Show your family that they are financially secure should you experience a serious illness, injury or other ‘health-related’ event.
Personal Risk (Life) Insurance together with properly considered and prepared estate planning can lead to that –
- family harmony,
- peace of mind – and
- security.
Do your plans for your financial dependents ensure they could cope with the aftermath of the following scenario:
Case Study
The family includes Mum and Dad, and three children. Two of these children are married, each with two children. The other, a son, recently lost his wife to Cancer. The widower son thus became sole parent to a young school-aged child. The grandparents had retired in their late-60s, around eighteen months into these events. The two children of each of the married children are in daycare or school, and their parents are in fulltime employment.
The financial position of the widower son was not protected with adequate insurance on his wife. Mum and Dad now assist with the out of school hours care of that grandchild. Consequently, they have chosen to postpone their retirement travel plans for a period whilst matters settle down within the family.
Would your family financial security hold up?
What will be the situation if a serious illness, accident or other debilitating event strikes another member of this family?
We can imagine a number of possible scenarios, but –
- apart from the emotional upheaval – and practical lifestyle changes –
- wouldn’t it be a whole lot better for all concerned if a family conference were to resolve,
- firstly
- a family financial risk management plan (backed with adequate, appropriate insurance policies) to
- eliminate financial burdens from their concerns; and
- secondly,
- an understanding of what the respective Wills and family care wishes of each member might be.
A carefully considered insurance plan will go a long way to ensuring the family financial security they yearn. Inclusions could be –
- Life Insurance that pays a lump sum on the death of the insured;
- TPD Insurance that pays a lump sum should the insured become disabled (in satisfaction of the relevant policy definition);
- Trauma Insurance that pays a lump sum on diagnosis of certain illnesses; and
- Income Protection/ Salary Continuance Insurance that pays monthly benefits on the loss of work-time through illness or accident –
each at levels calculated to meet the sort of costs incurred in each event.
Experienced advisers here to help
To minimise the financial stress that one of the perceived events might cause in your family, arrange a meeting with one of our experienced financial planners. The potential family financial security for those you love most will be appreciated should a claim occasion arise. We will help you with ensuring an appropriate Estate Plan and/ or insurance protection to keep the financial ‘balance’ in order. To make an appointment –
- phone our office on 07-34213456, or
- at your convenience, use the linked Book A Meeting facility.
(This article was first published by us in October 2010. It has occasionally been updated/ refreshed, most recently in February 2025.)
