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I know this is a horrible thought but I'm laying in bed and I was thinking.. What would dh do of I passed away.
I get ftb in my name. Dh moved here from nz in march 2011. His not eligible for ftb is he? Which means he wouldn't be entitled to ccb either?
I was thinking about him having to move to be closer to my parents so he can work or back to nz near his mum.
Am I right thinking he wouldn't get any of this should the unthinkable happen?
He'd be elegable for FTB, but not parenting payment. Alot of my family & friends are from NZ.
Also, if he were to become a citizen, (residency I'm not 100% on), he'd be elegable for all payments.
I must admit, I have been thinking the same things lately. If DH dies, then I will get life insurance; but If I die, he will get nothing. He is an Aussie, but his income is quite big, so he would actually end up with very little, if any FTB (we only get it because I earn nothing) and he would suddenly have to find a way to pay for childcare for four kids on top of all our normal expenses. :(
DH and I thought about this a few years ago, right after he had read an article about the 'price' of the work that the primary caregiver does lol.
He was horrified when we added up a cleaner and full time childcare and all the extras that you don't immediately think about.
We ended up getting life insurance for me. I am just in the process of upping the amount at the moment and to be honest it is a pita to fill in all the forms and have blood tests etc but I figure that it is less than the hassle that DH would have iykwim.
I get it through my super and I think it works out to be about $12 a month for quite a bit of cover (more than enough to pay off the mortgage) and just comes from my super and then I pay in the total premium amount once a year as an after tax super contribution (dh paid it the years than I had no earnings and then got a tax deduction for a spousal contribution) the govt puts some in as well under the super cocontribution, so it is sort of like we get the insurance for free.
DH & I both have enough life insurnace to cover the mortage and have about $100K spare to get you through the difficult time at the beginning. THat way the stress of the mortgage is sorted and you have some money to sort out how work, kids, childcare is going to work. Awful thing to think about but feel better being prepared.
I was getting life insurance through my super, however you become ineligible to claim a benefit when you haven't had any contributions from your employer for 12mths; it doesn't matter if you pay your own contributions, you still aren't eligible to collect. DH is in the process of seeing if he is able to get me covered under his super.
This would depend on the trust deed of the individual super funds. Every single fund will have different rules.:
Sorry I don't have the answers to the OP questions. Interesting thought though. We get FTB & CCB in my name just because I filled in the forms (we are both aust). I'm not sure what DH would do if I died.
That's right Misty - I forgot about that - I had to change super funds. Mine current one allows death only cover if you aren't employed and death and TPD if you work more than I think 12 hours a week.
If your DH is an Australian resident and eligible he would receive benefits.
Regards,
Dianne
Permanent Residency status will grant him access to Parenting Payment and other benefits - like Newstart or Austudy - that NZ citizens don't have access to.
He is already eligible to collect FTB in his own right without the PR status.
My super fund still covers me for Life insurance (I haven't worked for 3 1/2 yrs) but after 12mths of no contributions it ceased the TPD payment. I'm fortunate that my super has enough in it to be earning more in returns than the current insurance premiums so it is still going up, plus added to the Life Insurance amount my family would be well cared for if anything happened to me.
DH on the other hand had a really low Death amount with his super so I made him adjust it as if anything happened to him I wouldn't have even had enough to cover the mortgage, plus we also made sure his TPD was going to be sufficient to cover as well, seeing he is the sole income earner.
i really need to look into all this more.... i have no idea about any of it :redface: I know my super fund has something with it but no idea how much or anything.