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Life Insurance

Even though it’s your life that you’re insuring it’s not you who will receive any benefit. If you die it’s your financial dependants that could be left with insurmountable expenses. There may be a mortgage on the house they’re living in, a loan on an investment property, a decade of school fees, and that’s on top of funeral costs.

You should involve your family in the decision making process about your life insurance. After all they will be the ones who will need to survive on any benefit received. It needs to be enough to clear debt, pay for education and or provide an income stream. An income for a certain period of time would be useful should your family find it difficult to go back to work whilst grieving. Being able to pay debts and living expenses would ease the financial pressures during this time.

When choosing a Life Insurance policy there are several things to consider, such as will there be a lump sum payment or enough to pay an ongoing annual payment for an agreed number of years. Obviously the cost of premiums increase or decrease according to the benefit level.

Life insurance cover can be paid from your superannuation fund and this can be a more tax effective strategy than holding it in your own name.

At Grand Ridge Financial we can recommend a mix of insurances appropriate to your circumstances and the financial needs of your dependants


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