NobleOak remain committed to our clients during this uncertain time and we’re proud take part in the FSC COVID-19 initiative to support frontline healthcare workers

NobleOak remain committed to our clients during this uncertain time and we’re proud take part in the FSC COVID-19 initiative to support frontline healthcare workers

Life Insurance

Fatherhood in the 21st Century

Life Insurance by Life Stage

The choices you make today can impact your long-term health, wealth and happiness. Understand the important role Life Insurance can play in key life events.

It’s Father’s Day on Sunday 2 September and a day of celebration for dads and families around Australia.

The role of a father is wide and varied and many aspects have changed significantly over the past generations.

Consider the role of a father in the 19th and first half of the 20th Century. They were the sole breadwinner providing all of the financial support for their families as well as being the main disciplinarian. There was a marked separation of responsibilities between husband and wife, with the mother looking after more of the emotional and nurturing needs of the children and, of course, all of the domestic duties such as cooking and cleaning.

It wasn’t until the 1960s that women began to join the workforce with 35% of women being employed. Today, women make up 46% of the workforce, either part or full time. As a consequence, women are often the main breadwinner in some homes, with a stay-at-home dad.

Dads in the 21st Century

In the 21st Century, dads are much more hands on when it comes to family life, sharing the load with their partner to look after their kids and the home.

Today, the job description for being a father is still evolving, with far greater options than ever available when it comes to parenting style. Gone are the restrictions of who does what and how involved fathers should/shouldn’t be in bringing up their children.

One thing, however, hasn’t changed and that’s a father’s responsibility to ensure financial security for their family. This doesn’t mean they have to be the main breadwinner, but rather putting in place a plan that will protect their family and being prepared should anything unexpected happen.

Financial protection options

All fathers want to give their children every opportunity for a safe and happy life.

You can help to protect your growing family by taking out adequate Life Insurance. The right type and amount of cover can give you and your partner peace of mind that, no matter what happens, your family’s financial security is looked after.

The different cover options that are ideal for families include:

  • Life Insurance: provides a lump sum payment on becoming terminally ill or dying. The money can be used to pay off the mortgage as well as school fees and other financial commitments. This type of cover is also important for parents who work either part time or stay at home.
  • Trauma Insurance: provides a lump sum payment in the event of a medical condition occurring, including a heart attack, cancer and stroke.
  • Income Protection: provides monthly payments of up to 75% of your income in the event of a serious illness or injury which leads to you being unable to work.

If you’re not sure what type of cover is best for your family or if you have enough cover try our free online calculator.

Don’t forget to have a plan for the stay-at-home partner. According to PwC the market replacement value of unpaid work in Australia is $565 billion, of which domestic work comprises approximately 23% and childcare 72%.

Sources:

http://career-advice.careerone.com.au/job-hunting-strategy/employment-news/how-work-changed-since-1960s/article.aspx
https://www.wgea.gov.au/sites/default/files/Stats_at_a_Glance.pdf
https://www.pwc.com.au/australia-in-transition/publications/understanding-the-unpaid-economy-mar17.pdf

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