Simply put, you can nominate in writing who you want to receive any future payout with a Beneficiary Nomination or Binding Death Nomination (depending upon what you choose).
The onset of Type 1 Diabetes mellitus (T1DM) occurs most frequently in people under 30 years, however, new research suggests almost half of all people who develop the condition are diagnosed over the age of 30.
This is especially important if your life insurance is owned by your super fund because there are additional rules you need to understand. If you don't, then you'll leave a whole lot of unnecessary pain and problems for your survivors.
Australia is one of the most beautiful and expensive places to raise a family today. So it's no wonder that most couples agree, 'anxiety about money and increasing levels of debt' causes significant family stress'.
Life insurance is an essential expense for any couple. But for same-sex couples who rely on the income of one or more family members to pay the bills, life insurance is a necessity.
The Australian census records around 20% of lesbian couples and 5% of gay male couples in Australia are raising children, and that number is rising.
Today's modern families are as different as their aspirations. So whether your family is biological or logical, whether you're a parent, co-parent or part of someone's family of choice, we understand that key family relationships are about love.
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Some questions in life are really hard to answer, because the correct answer is different, depending upon who you ask.
What's right for you in your situation, might not be right for someone else in their situation.
The especially tricky questions in life usually have emotional and financial consequences like the question, 'how much life insurance is enough?'
So how much is enough?
Well, the short answer is, 'it depends upon how much living you have to do'.
Making the world a better place for you and your family starts with looking after yourself and having a plan in place to manage the normal risks of life. Managing deaths, family obligations and protecting assets.
So you insure your house, probably insure your car, maybe even your iPhone for replacement value. But when it comes to measuring the value of a human life, you can't, it's priceless.
But what it can achieve is worth protecting.
You don’t have to look far to find a story in the media about Australia’s underinsurance problem. It seems every bushfire season the same media reports another near identical tragedy of families losing everything and being underinsured or worse, not insured at all.
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.