You’ve had a wonderful time watching your children grow from tiny infants into adults, finding their own place in the world. When your children reach adulthood, you will hopefully move into a wonderful new stage of friendship and companionship with them.
However, along with the perks of this new stage can come the downside of children who remain financially dependent on you well into their 20s and sometimes even their 30s.
Factors such as rising property prices, unemployment and lengthy university degrees mean that adult children often still rely on their parents to provide a home, supplement their income or otherwise help them out.
Some of the risks you may face
So what does this mean? If your mature family fits into this mould, then it is important that you have Life insurance in place, to help avoid financial disaster in the event that something happens to you. If you are solely responsible for paying the mortgage and you are no longer around, your entire family could suffer due to the absence of your income.
You may also wish to consider additional policies including Trauma insurance (which covers unexpected medical conditions or illnesses) and Income Protection insurance, which kicks in to support you and help clear debt if you can no longer return to work.
This might be particularly important if you are supporting your adult children by helping them with their living costs or guaranteeing loans. Without having this type of insurance in place, you are effectively gambling on your own health and ability to continue working to ensure that your entire family is provided for.
The best value insurance and protection during claim time
To arrange a Life insurance quote, contact NobleOak today. Our personal and dedicated service can help you to obtain insurance which is perfectly suited to you and your mature family’s needs.
Our flexible cover options for mature families include lump sum Life insurance as well as Total and Permanent Disability and Trauma cover, so you will have financial security and can focus on what’s really important. You can also add Income Protection insurance (and Business Expenses cover if you are self employed), in the event that you or your partner cannot work for a period of time due to a severe accident or illness. With policies starting from $3 a day, you don’t have to pay much to enjoy peace of mind!