Over one million working-age parents with dependents will be impacted by death, serious accident or illness.
Many people overlook personal insurance thinking tragedy will never happen to them. Then a friend or family experiences tragedy and they get a wake-up call.
The latest research released yesterday reveals that it can and probably will happen to you at some time during your working life.
Let this research be your wake-up call to review your health, wellbeing and safety nets.
Research by NATSEM for Lifewise revealed that based on 2008 statistics:
- 18 Australian families lose a working age parent every day.
- Every year 235,790 working age parents suffer a serious illness or injury
- Every year over 17,000 working age parents are forced to stop working, either permanently or for an extended period of time.
More than one in five families will be impacted by an insurable event in their working lives.
Yesterday I was given a DVD called “Living with Water” about water safety with children. It’s aimed at preventing the drowning deaths of children under age five – 300 of which have occurred since 2000. That’s just over 30 drowning deaths per year targeted by this significant, government funded initiative.
The death of a child is tragic and I agree with our focus on water safety. Yet consider the massive impact on children and families when family income is slashed by injury, illness of death. And take note that more families per day are affected by that than are affected by the drowning death of a young child.
The financial impact
With typical levels of insurance cover the typical family with dependants will lose around half their income if tragedy strikes, according to the research by Lifewise/NATSEM.
Could you and your family survive on half your income?
When you consider the true likelihood of an insurable event and the financial and lifestyle impact, the cost of insurance cover is very affordable protection for your family.
Contact me to discuss how much insurance cover you may need and how affordable it can be.