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CASE STUDY Karen was 38 and working as an office manager. She was the sole carer for her 11 year old daughter. One day she left work early with a bad headache – she thought she might be coming down with the flu. Later that day she lost consciousness and was rushed to hospital. She had a brain haemorrhage, and died that evening without regaining consciousness. Two years previously Karen had taken out a $500,000 life cover policy. Her daughter was her sole beneficiary and she received the $500,000 through a trust fund ensuring amongst other things that her school and university expenses could be met.
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LIFE INSURANCE Life insurance protects your family’s lifestyle if something were to happen to you. It pays a lump sum in the event of your death or if you are diagnosed as terminally ill with a life expectancy of less than 12 months. It is usually paid to your estate or nominated beneficiaries. The payment may be used to pay your mortgage or other debts and expenses. It could also be invested to meet the ongoing needs of your dependents. It is important to consider life insurance protection for all members of the household – not just those generating an income. If something were to happen to you or your partner it is likely additional (paid) help will be required at home. The Investment and Financial Services Association estimates it would cost about $70,000 to employ full time help at home for a year (at a nominal rate of $20ph). Most households would not have this sort of money readily available. This is where life insurance can help.
It is important to regularly review your level of Life Insurance cover. Whilst benefits will be reviewed yearly in line with changes to CPI this does not Vaughan and Monaghan deal with leading insurers and will work with you to determine the most appropriate level of cover for your individual requirements. “Don’t let your loved ones inherit debt.”
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