There is nothing more exciting than starting a family, and while you may have packed the hospital bag, purchased a baby car seat and decorated the nursery – have you properly covered yourself and your partner against life’s uncertainties ?
Your top three financial topics to think about before baby
Income – If you or your partner plan on taking some time off work once the new baby arrives, you’ll need to make adjustments for some short term changes to the family’s income. Be sure to also investigate with your employer all your paid and unpaid leave entitlements. It’s also certainly worthwhile examining your eligibility for any government benefits as well with the Department of Human Services.
Education – The new little person in your life deserves the best possible future. Have you thought about what style of education you would like for them? Will this education include as many extra curricular activities as you can schedule – from band practice to football to nippers? The latest cost of raising kids report suggests that raising two kids in an average household (from birth until they leave home) will cost around $812,000. That’s a whole lot of school runs, excursions and packed lunches! It’s certainly worth every dollar and now is the right time to start to prepare for all this excitement (both mentally for yourself and your partner, and also in terms of your finances). If you are planning on booking them into a private school, have the application forms ready, as you may need to fill them out and submit them while you are in hospital!
Protection – It’s not very pleasant to think about, but have you considered what would happen to your family if you or your partner were to experience a severe injury or illness, or in the worse case scenario, pass away prematurely? Now would be an ideal time to consider asking someone to be your child’s guardian and to include these arrangements in your Will.
Whether the plan is to stay at home or continue to work, life has a way of throwing up unexpected situations. What position would you and your family be in if your own or your partner’s income was compromised through a severe injury or illness or even premature death? Could you or your partner still manage the bills, buy groceries and nappies?
That’s where we can help.
Find out how much cover you need
It can be difficult to know where to start in working out how much Life insurance you need, and what to take into account. We have made it easy with our simple Life Insurance Calculator. This calculator can help you accurately determine the amount of cover you and your family may need in the event of your premature death, or severe disablement, in five easy steps. Check out how simple it is!
Our comprehensive range of cover can help prevent financial despair for you and your family in a time of real need. This includes Life insurance cover up to $15million, and also Total and Permanent Disability insurance cover (up to $5 million) and Trauma insurance cover (up to $2million). These payments are paid as a lump sum and can be used to clear your debts and also meet any medical and other expenses at a time when it’s needed most.
Here are some options you should consider: