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If you died tomorrow and left your cherished wife and two young children behind how would they survive financially? Maybe your wife has a high paying job, you have a freehold house, you have lots of money in the bank or you have other investments. If so, you are one of the lucky ones as your family could probably continue a reasonable lifestyle even after you are gone. However, for lots of us that is not reality. Many couples with children live modest lifestyles. Their incomes (either one or two) often only provide just enough to pay the mortgage or rent and to feed the family with maybe a little left over. For those families the loss of one of the adults will have major financial implications. Let us use an example of a family (with no life insurance) where both partners work and earn $40,000 each per year. They have two school age children. If mum or dad dies the income is immediately halved. Even worse, the surviving parent may not be able to continue working quite the same as they did because they are now a single parent. They may have supportive family local but that is not always the case. Often it is then unavoidable that extra child care costs would be involved. So, now you have half the income and all the extra costs as well. On top of the inevitable emotional stress the remaining partner will also be dealing with major financial worries. No-one should have to go through this. How much financial pressure would have been removed if dad or mum had left behind life insurance of, say, $100,000 or $200,000 or even better $500,000? The answer is that any life insurance would have been an absolute blessing in this example, but obviously the more the better. If you have a family or a mortgage it is vital you have life insurance. Any life insurance will do, if you cannot afford much take whatever you can afford. Life insurance is less expensive than many people think particularly the younger you are, you might be pleasantly surprised. But, no matter what, try to get some cover, no matter how little. Maybe in time you will be able to increase it to the level you really require. For more information about Health Insurance, please visit www.insurancehelpline.co.nz
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