As a parent, business owner, son and husband, I know that in between juggling work, home commitments, study goals and maintaining a level of sanity at the same time is hard. There really isn’t much time left to cover off any ‘extras’. All too often, important life admin jobs are left sitting on our to-do list for weeks, months, ok….I’ll admit it, sometimes even years.

However, as a young family, if there is one piece of advice I implore you to consider, it’s family protection. Looking into your current level of coverage isn’t difficult. Have your membership number on hand and call your superannuation provider and ask them what your family protection lump sum payout is.

Now, consider these three basic questions:

  1. How much is currently owed on your home or investment property?
  2. What are you typical living costs per year? Consider bills, insurances, car payments, childcare, groceries, savings, rent/mortgage repayments.
  3. What are your school fees currently or what will they be when your children enter primary and secondary education?

Deduct the above costs from your current level of coverage. Is your family covered and will they be looked after financially when you’re gone?

I know this is not a subject one wants to consider and we’d all rather tell ourselves “it won’t happen to me”. But it could, and the outcome of that will be heartbreaking for your loved ones.

Take 10 minutes out of your day now to minimalise the long-term consequences of being underinsured. The fall-out could include having to sell the family home, removing your kids from their current school (and friendship groups) and ceasing any extra curriculum sport or music programs.

VJC has been providing advice to business and families for more than 30 years. We’re currently offering parents a free analysis of your current family protection. Contact us today for more information. There’s nothing to lose and everything to gain from our professional advice, expertise and wisdom.