life insurance and writing a will - what to look for

[littlelara]

Hi all,
It has occurred to me that there are a few things that we need to sort out pronto, that should have been done long ago; namely the above.
So, in looking for life insurance, what do I need to know? Does anyone have any tips or advice?
The same applies for writing a will. I have no idea where to start or how to go about it, I just want to make sure the cubs are sorted should the worst happen (touching wood and all that). I've found two websites that will send out will kits, but they have varying information; are they both adequate? One is legal wills made easy, the other is the australia will kit. Do we need a solicitor?
The fact is, I hate even entertaining the thought, which is probably why I haven't done all this before. And it's a bit overwhelming to get my head around, frankly.
Any thoughts or advice would be unbelievably welcome
TIA x

[Epacris]

For the wills I just looked in the yellow pages and rang around getting quotes and a “feel” for the sort of service that different solicitors offered. If you’re (or your DH is) a member of a union sometimes there are solicitors associated with them that will do you a will (and some other documents like power of attorney) for a discounted rate. I found a huge range in price and service, some will do one document for a couple of hundred bucks, others a whole package for around $500, others wanted to go through your whole life with a fine tooth comb and were charging up to $3000.

So after I did that (decided who we would go with for our wills) I got side tracked looking into financial advice as well. So now we are re-doing everything, finances, wills, insurances (including life insurance) with one coordinating company, an independent financial advisor. I found them by googling and I rang several and we went to see a couple before deciding to go with them.

It’s complicated (well, I’ve found it so).... goodluck!

[Cherished]

Hi hon and thanks for your pm the other day

I have our life insurance through our super fund so the premium comes out of our super instead of our available money kwim I am also going to be buying a legal will kit and jotting something down on that.

gotta run dS is crying....

[littlelara]

Thanks guys (and you're most welcome, cherished).
So epacris, you wouldn't go with the will kits?

[Epacris]

I dunno, we are not a complicated family, i.e. there are no ex-partners or other children, no family that need to be cut out or anything, but I just don’t trust myself to DIY with something like that.

[Arimeh]

Thanks guys (and you're most welcome, cherished).
So epacris, you wouldn't go with the will kits?

The trouble with DIY kits is that they don't hold up very well in court, just in case someone wanted to cause some trouble

I would always recommend going with a solicitor.

[FabFiona]

We are another that has our life insurance through our superannuation. It's an easy way to do it and once it's done you don't have to think about it.

I'd also recommend getting your will done by a solicitor. We are both union members so got it done through our union recommended solicitors. Cost us nothing.

[littlelara]

Awesome advice, thank you so much

[Teeki]

With the life insurance, we used to just have the one through our super. But I dunno how it was worked out, and it wasn't enough for us. We saw a financial planner, and he got us a life insurance plan (which also includes income protection, trauma insurance and total and permanent disablement insurance) that is additional to our super. You need to consider any debts you have, and how much you'd like left over. I.e. DH & I have a home loan and car loan, so we have enough insurance to pay those in full, funeral costs, and additional to cover the other half to have enough to not have to go to work for a while.

The financial planner also said that the insurance plan we have pays out quicker than our super does - we wouldn't be able to cover any funeral costs if we were waiting for the payout from the super insurance.

[Roryrory]

wouldn't do a will kit lara - I can refer you to someone if you like....

[LionsandBears]

I went through a broker for life insurance. There are so many, with various definitions that I wanted to be sure we'd be looked after. For example, a lot of trauma cover insurances have an "any occupation" clause. Which means if you're capable of doing ANY other occupation than the one you had, they won't pay out. Things like making sure it's OWN occupation etc made a difference to us.

I still havent got around to organising wills. TBH, I'm scared of being ripped off by solicitors. I should just get quotes *sigh*