How to make more time
for enjoying life with your kids
Of Industry Super Fund members are under insured by $100,000 for life insurance37
Of Industry Super Fund members believe life insurance is a low priority given other financial commitments.74
Of Industry Super Fund members are underinsured by $100,000 for TPD83
Of Australians say they have insurance for their car, only 31% have income protection.
Seven years ago Steve was a healthy 33-year-old with two young children, juggling a busy family life and only just realised his dream of starting his own timber business.
As part of his wealth protection plan Steve decided to invest in some Life Insurance so that in the unfortunate event his death the financial needs of the business would be met, without impacting on the personal wealth of his family.
And then the unthinkable happened – in late 2004 Steve died of cancer. This was emotionally devastating for his family but because he had invested in Term Life cover it was not financial devastating. The $616,000 insurance payment meant that the $300,000 debts of the business could be resolved and the business was sold as a going concern, with the remainder of the funds used for the education of his 7 and 10 year old children.
Steve’s foresight meant that his family did not have to sell the family home, nor face bankruptcy when he passed away.
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