Australians are not new to facing risks to manage. Communities who live in areas of risk have bushfire plans, flood plans and even snow closure emergency plans.
Most people wouldn't dream of travelling overseas without Travel Insurance to protect their luggage and their health. Nobody wants to be stranded overseas with no luggage or worse, in a foreign hospital hoping the local doctors have the right skills, medication and the sanitation standards that's not going to put you at greater risk.
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.