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  1. #1
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    Default Personal insurance (life insurance / disability insurance)

    Do you have it, and if not why not?

    DP and l both have life insurance and Total & Permanent disability cover, and l also have Trauma cover in the event that something happened to one or both of us we know our kids would be taken care of financially and not a financial burden on someone else.

    This issue got me thinking as l am certain that my BILs would not have looked after their insurances, and that if something happened to them my MIL would be left to look after their kids and she is already struggling financially. We assist MIL by giving MIL money but would we then be faced with having to assist in supporting MIL further if she was left to bring up her grandchildren.



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    Last edited by Night Owl; 18-06-2013 at 22:29.

  2. #2
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    Yep, DH and I both have life and TPD. I have trauma and we both have income. We are also taking out policies for the kids so if something happens we can afford to stop work to care for them and they will have their own money to set themselves up when they are adults. Government wouldn't support us if anything happened because of the assets we have but we can't sell any to support ourselves because they are how we generate our income and we wouldn't be guaranteed that we could sell them and we owe bucketloads that we are paying back.

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    Night Owl  (18-06-2013)

  4. #3
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    Yep, I have those 2 and income insurance.

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    Night Owl  (18-06-2013)

  6. #4
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    Yip we have both and income protection

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    Night Owl  (18-06-2013)

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    I have IP, and DP did have IP through work when he was employed

    I know that a lot of people don't give insurances a second thought, and l know it's something some people don't want to think / talk about or are they are hoping nothing happens to them.
    It just amazes me that a lot of people will insure their cars, home contents, house etc but don't look after personal insurance.


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    Last edited by Night Owl; 18-06-2013 at 23:00.

  9. #6
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    I have none and that's a personal choice as I have no dependents and few commitments that couldn't be changed around without some negotiation. Technically I do pay the minimum premium on the limited cover under my super fund but that cover is so restrictive that payout is probably unlikely.

    I keep meaning to get around to sorting out income protection.

    Does it make it bad that I work for an insurer who sells every single one of these insurance products? Lol.

    Edited to add that if I did have children then without a doubt I would set up both for DP and I.

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    Night Owl  (18-06-2013)

  11. #7
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    I only have life insurance... I have 2 children and im a single mum so decided to get $1m cover....

    I got it as I hate the thought of leaving my children with nothing...not being able to help them financially if I died and didnt have cover... would be hard enough without a mum as their dad isnt around. .. let alone having next to no financial support.

    I do have alot of peace of mind that if I did die my children would be looked after financially as well as cared for by my family.

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    Night Owl  (19-06-2013)


 

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