Disclaimer: This is by no means a financial advise. This is just me talking to the wall …
And so I came out of my visit from my doctor feeling quite relieved. The scary word that was dangled about was most assuredly ruled out. I am generally OK. But this is not about my condition. This is about the people I most care about in my life. It is about protecting them.
A couple of years ago, soon after we purchased our new home, the hubby and I decided to get serious with our insurance. In Australia, anyone who is employed gets automatic insurance within their superannuation. But the sum insured is, let’s be honest, quite paltry. A financial adviser gave us free advise – we should get cover that will pay off the mortgage and some.
1) Life Insurance and Total Permanent Disability, uncovered
The rule of thumb in determining one’s insurance is the size of one’s mortgage times two. The magic figure for us is $1M. Yes, make your spouse a millionaire! And why not? Let me explain why. The money must be enough to pay off your mortgage, and give your spouse the ability to choose to stop working for as long as required to grieve, support the children, and deal with your departure. Imagine how life changing that will be! I can’t even begin to imagine the pain and loneliness … [Read more…]