The birth of your child is usually a trigger to check your insurance, make sure you have enough and update accordingly. Family insurance is about being financially secure, no matter what obstacles life may throw your way, protecting your family’s lifestyle, and the financial security of your children.
Does your life insurance policy offer free child cover?
It’s always a good idea to review all of your options when researching which policy suits your needs. One particular option which may be beneficial to have is a life insurance policy which offers free children’s insurance.
Premium free child cover is available through select insurers in Australia. It means your child can be protected from traumatic events, giving you the option of staying at home to care for your child or the additional funds can be used to pay for the best medical treatment available.
Another great bonus is that most child cover policies do not have a limit on the number of children that can be insured on the policy. This means your entire family can be protected!
Calculating how much family insurance you need
Determining how to calculate how much life insurance you need isn’t easy, however many financial advisers would estimate you need an average of around 10 times your annual salary.
If you have a baby or any additional children you may like to also factor in childcare expenses and future education costs. At the very least you would want enough funds to cover your family’s mortgage and living expenses.
If you don’t have any family insurance yet you may want to compare a variety of family insurance quotes. Once the correct policy is in place for you and for your partner, the worry will be lifted off your shoulders. You’ll be left with the peace of mind knowing that your family’s financial future is secured.