Yes! I have mine within my super as for the moment it is not only the cheapest option but this way we don't have to find the money for premiums as they come out of my super money. Yes that means that some of my super goes to paying for the cover and it will mean less money in my retirement fund, but once we have some money to 'spare' I will contribute to the fund to cover these premiums.
If anyone doesn't have it I woul suggest calling you super fund first to see how much (you generally have an automatic amount included) you have and then fund out what you need to do to increase the cover.
We have $550,000 each which will pay off the mortage and leave about $200K which if someone gave us now would be a great deal of money. BUT if one of us gets that because the other has passed away then it isn't a lot of money considering the remaining parent would be unlikely to work full time if at all.
I know it isn't a nice subject to discuss but it is much better to have the conversation now rather than when it is too late.
We got DH covered when we had DD as he is the breadwinner at the moment. We really need to get me covered as well so he would be able to take time off work or go part time. We have enough so that the mortgage will be paid off and I would have a significant amount in the bank. Also, if something should happen to the both of us, my mum could stop working to have the kids.
yes we both do, $350 000 each plus DH has a small super life insurance policy and a $90 000 policy too. I have another $180 000 with my super.
We will cut right back when the kids are more independent but for now we will have the mortgage covered and be able to leave work if needed if there was a family tragedy.
We have a family member with a young family and a terminal illness, she had limited life insurance and had drawn down on her super and insurance to pay for a family holiday and a new pool they can enjoy together before her illness makes it too hard to do.
If something happened to both of us the girls would be well looked after financially. Our will says who the guardians would be as I'm slightly concerned that the amount of money the guardian would have access to may cause a tug of war
DH & I both have life insurance. Its not a big amount but enough to pay off the mortgage, cover all funeral expenses & have some money left over. We also have cover for DH if he becomes incapacitated or has a terminal illness. We would financially be in a lot of trouble if one of us passed away, it's just too risky to not have it. For how little it costs each month, it's a must for us!
I really feel for that lady, how devastating losing your husband but to then have the financial burden too. Horrible
It is vitally important to have it! We wouldn't be without it. Dh's is significantly higher than mine, but that is to allow to pay out the remainder of our small mortgage as well as give me a stable income for a few years so I didn't have to leave the kids to go to work.
Reply With Quote
Bookmarks