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When considering your insurance needs for a family with young children, some of the important areas to be addressed are:

  • That there is sufficient insurance proceeds to pay out all debt (Loans).
  • There is sufficient funds to cover any future education needs for your children, whether that be secondary or tertiary.
  • There is a lump sum available to provide sufficient income needs to fund the shortfall in living, education and loan repayment expenses in the event that a parent passes away, suffers a total and permanent disablement event (TPD) or traumatic illness (cancer, stroke).
  • In the event that the main income earner was unable to work, either through an accident or sickness, that there is sufficient funds coming in on a monthly basis to cover living, education and loan repayment expenses – Income Protection.
  • That insurance is structured whereby it has as little impact on the family budget as possible – especially when families have gone from 2 incomes to 1, and where possible it is structured in the most tax-effective manner.
  • That in the event a child passes away or suffers a traumatic illness – that there is lump sum available to cover living expenses for a period of time so that the parent/s (if they wished) can either stop work or reduce their hours.
  • Please see this link below regarding child trauma from Zurich Insurance: