Life insurance forms the foundation of all financial planning.
It was a wise man who once said – “the debt should never outlive the person who created it”.
Why is this important?… Simple – your debts do not die with you, they simply pass to those left behind. What an awful legacy to leave.
It allows for not only the big debts to paid out, but it also allows for the little things – like allowing your children to continue their piano lessons or the ability for your kids to go to a good school and have a chance in life. Set up properly, you can ensure that the goals and plans you had for your family can still come true-even if you’re not around.
The purpose of life insurance is to provide your estate-usually your spouse – to be paid a lump sum of money upon your death or if you are diagnosed with a terminal illness / diagnosis of a terminal illness. Most people need enough to pay out all debts and then leave an additional lump sum to help support the family with income.
It is critical that you get advice on how much you need and what is the best way to structure the ownership of the insurance.
I have life cover through my super.
9 times out of 10 times the amount of insurance you hold in your superfund is not sufficient. It may provide you a good feeling that you have coverage – but the reality is, it is usually insufficient or set up in a way that may take years to be paid out to your family.
I am covered- I brought some life coverage on line?
A good rule to remember is – the easier the insurance is to get, the harder it is to claim on. Keyman financial services goes to great extremes to ensure your polices are set up to pay the right amount of money, paid into the right hands at the right time.