Most adults are presumed to have the mental capacity to give consent themselves. But what happens when you can’t make decisions for yourself?
The person next in line to make decisions for you is referred to as the person responsible and it might not be your next of kin.
Getting your Will in place probably feels a lot like flossing — it's uncomfortable work for no current obvious result — we know we should do it but we either put it off or fall into the bad habit of simply finding more reasons to keep putting it off completely.
Sometimes just not knowing where to start or where to go for advice can freeze many people into inaction.
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,
This shows just how hard it can be for children to cope with the loss of a parent – especially if they have the added upheaval of moving away from their home, school, and possibly even their friendship group.
It also highlights the vital role life insurance can play in helping a family pick up the pieces.
With the right level of life insurance cover, parents are better able to provide the ongoing financial support a family needs in the event of sickness or injury. That could include paying off the mortgage, staying on top of household bills, and paying long-term education costs – giving children the best chance of getting on with their lives.
Important: If you have professional insurance in place specifically for this eventuality, make sure to review it annually.