We would like you to take a moment and sit down and really think about what life would be like for your family if you died. Where would the money come from to cover the mortgage, school fees, running the car, credit cards, and everyday living expenses such as food clothing, phone bills, gas, electricity and child care? Not to mention funeral expenses and other medical expenses that your health fund simply does not cover.

You may have money in a savings plan or investment. Perhaps you have equity in your home? Turning these into cash may mean your family having to sell assets, which could cause even more disruption at a time when they really need financial support and the time to adjust.

It is not a pretty picture, you should consider life insurance.

Would your family cope – consider life insurance?

If you have a dependent spouse or children, or debts (such as a mortgage), your accumulated super benefits alone may not be enough to ensure your family’s well-being after your death. Many superannuation funds offer Life Insurance as an ancillary benefit to members. Topping up your super death benefits with life insurance can be an efficient, tax effective and inexpensive way to ensure your beneficiaries will be looked after.

The level of cover you need depends on how much super you have accumulated and how much more you might need to cover your debts, income needs of your dependants and expenses such as funeral costs. If you have a large mortgage and young children, you may need a relatively high level of life insurance cover.

As you get older and nearer to retirement, you are likely to experience a lessening of financial responsibilities. Your super balance is likely to be higher, you may have paid off your mortgage and your children may no longer be financially dependent. Therefore, you may not need the same level of life insurance cover that you did when you were younger, or you may no longer need insurance cover at all. As your circumstances and priorities change, it is important to review your level of insurance and life insurance. Markey Financial Services can help you, at each step, to work out what your Life Insurance needs are, taking into account the level of Life Insurance and Trauma Insurance you are targeting.

Get the right advice. Contact us on (07) 55982544.