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11 May 2022
If there is anything we have learnt in the past two years, it is just how quickly things can change.
Between devastating bushfires, floods and a life-altering pandemic, just to name a few, being prepared for the unexpected has never been made more apparent.
As confronting as it may be, it is essential to be aware of the grim possibility of unexpected death and the financial impact it would have on our family. Are they prepared and able to cover funeral costs? Will there be sufficient funds for living expenses? For mortgage repayments? It is a harsh reality but one we all cannot afford to ignore.
Unfortunately, about 58 percent of Australians have done just that and do not have enough life insurance cover to allow their loved ones to continue living at the same standard they were before the passing of a family member.
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This issue of under-insurance leaves many desperately scrambling for ways to make up the shortfall and turning to options like ‘crowdfunding.’
Whether via social media or news articles, we often encounter a devastating story that tugs at our heartstrings and our human desire to help others. Mainly in the form of ‘GoFundMe’ pages, we see devastated families turning to the generosity of others to raise money. And while there is nothing better than seeing people coming together and supporting those in need, we cannot rely on the goodness of others to help us financially in the tragic event of illness or death.
Heartbreakingly, less than a third of crowdfunding campaigns reach their fundraising goals.
Additionally, most crowdfunding programs charge additional fees just to start your campaign.
Appropriate personal insurance is the only sure way to guarantee a financially secure future for you and your family, no matter what obstacles life may throw your way.
Life insurance calculators are a great starting point; they are an easy-to-use tool that considers age, number of dependents, assets, debts and more, to give you the most accurate estimate of insurance cover for your circumstances.
For tailored, expert advice, speaking with an experienced financial advisor will help you secure the most cost-effective and suitable cover for your individual needs. You’ll also feel protected knowing your policy will be reviewed regularly to ensure it covers your current circumstances.
• The information provided in this article is general in nature only and does not constitute personal financial advice.
The entire May 11, 2022 edition of The Weekly Advertiser is available online. READ IT HERE!