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If something were to happen to you, would your children’s education costs be met? Or would they potentially need to relocate to a more affordable school?
It’s no surprise to hear that raising a family can be expensive, however, it may be news to you to hear that an average middle-income Australian family spends a staggering $812,000 to raise two children to the age of 24*. As this number has increased by around 50 percent since 2007, it’s safe to assume that the cost of raising children in Australia will continue to escalate.
With this in mind, have you considered how your family would be impacted by the sudden loss of income if you weren’t able to work due to an injury, illness or death?
And of course, whilst no one ever wants to imagine the possibility of something happening to their child, unfortunately this is a reality for many Australian families each and every year. Therefore, have you considered what would happen if one of your children became seriously ill, injured, or worse? Would you be able to take off time from work to care for a sick or disabled child, in addition to covering their medical expenses? If you answered ‘no’ or ‘not sure’ to any of the above questions, now is the time to consider how life cover could protect your family’s financial stability in the event of some of life’s unfortunate events.
Call us on 1300 799 422 to discuss your cover.
* NATSEM Income and Wealth Report Issue 33 – Cost of Kids: The cost of raising children in Australia. May 2013