Lots of things need to be moved around to make room for a new life - from furniture, family sleeping patterns and even moving some of your insurances currently held in your super.
Can we measure the future impact of the loss of a parent? While this is different family to family, what is measurable is the effect of the financial loss during the most difficult time in a child's life.
A report by ING Australia studied the future impact the loss of a parent can have on a family and the role sound financial advice can play in helping families pick up the pieces. Additional research was conducted 5 years later by ANZ with similar results.
The study found the loss of a parent can have a devastating effect on a family’s lifestyle adding to the already significant impact on the lives and mental well-being of children – with almost a third (32%) of families having to move house within two years as a result of financial pressure,
Important: If you have professional insurance in place specifically for this eventuality, make sure to review it annually.