Future-proofing your family YOUR GUIDE TO INSURANCE

The experts break down the options that might be worth considering when you're wanting to financially take care of loved ones

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Having a family will make you think more about the future than you ever have: “What happens to my kids if something happened to me? How would we cope money-wise if I got really sick and can't work?”

That's why many parents start exploring insurance. It's one way to help protect your family when life doesn't go to plan. But a lot of people don't realise how many different types of insurance there is. It pays to know what your options are so you can decide about which ones will help you sleep at night.

Life

Life insurance is the most common insurance that parents get. If the worst happens and you pass away early, then your family gets paid out a lump sum (eg $200,000).

You get to choose what that payout would be. But the bigger the payout, the more you'll pay each month. Usually, you'll want enough to cover funeral costs and pay off your mortgage.

Life income cover (especially for solo parents)