What is the true purpose of life insurance?

What is the true purpose of life insurance?

It is only when we are confronted with the mortality of life itself that we realise that life insurance is not for you, it is for those who depend on you to get up out of bed each day, show up and contribute to society and your family unit.

How much is enough?

Did you know that 58% of Australians relying on two incomes say that they wouldn’t be able to maintain their existing lifestyle for any longer than 2 years should the secondary income earner be unable to work?, And the average time-frame to finalise a CTP compensation payment is 20 months!

The lifetime cost for someone who suffers paraplegia is approximately $6 million and the average funeral costs in Australia are between $4,000 and $15,000 and it costs a little under $300,00 to raise a child to age 17 years in Australia.

With the rise of Go Fund Me pages in Australia- is this a viable alternative to life insurance, given that the average amount raised by Australians on GoFundMe pages is only $4,900 – can you afford to take the risk?

We often here from Millennials when we discuss insurance cover- “ Our family will help!”, but the truth of the matter is can your family really help you???
With half of all home owners aged between 55 and 64 years are still paying off their mortgages, the average mortgage debt for people over 55 is $185,000 and the average superannuation balance for men is $111,853 and $68,499 for women
Can mum and dad really afford to pick up the tab?

You’re not supposed to get rich from life insurance but, without the right amount, your dependents could find themselves in a “poor” situation!

It might be worth getting a second opinion on your life insurance, Cultiv8 Financial Advisers are skilled to assist you with all your life insurance needs.

Don’t leave your loved ones financially exposed!