Maturing families

As your family matures your responsibilities may be easing as your household income starts to peak and child-rearing responsibilities start to ease. You are now looking towards building assets and growing income to provide options and financial security for the future and your retirement. No one plans to get sick, injured or to die prematurely, we all think that it will never happen to us. However it is worth considering:

• In 2004 over 1,500 people were killed in motor vehicle accidents in Australia.¹
• Injury is the leading cause of death among people who are under 45 years of age.²
• Three out of every four Australian families will experience cancer.³
• More than 50,000 Australians suffer heart attacks annually.⁴

A recent sample survey of families with household incomes or joint assets (excluding the family home) of over $50,000 found that only 50% had life insurance.

This compares with the 84% of the same sample who comprehensively insured their car and the 88% who had their home and contents insured.⁵

As you move through each life stage your personal insurance needs will vary, change and evolve. As a mature family you will be looking to concentrate your financial efforts on building assets and savings for:

• more frequent overseas travel;
• University or Tafe education for your children;
• Home improvements that you’ve been putting off for years; or
• A new family car.

It is important that you continue to protect and secure your families income, especially as you have worked hard over the years getting to where you are now, growing your family and also your lifestyle.

It’s worth taking a moment to consider what if an extended illness or injury and premature death stopped your ability to work and provide an ongoing steady income. This could have a devastating impact to your family’s financial security and long-term lifestyle choices. It’s hard to imagine losing your health and your ability to work but it is easy to imagine the practical impact the lack of an income would have.

The advantage of having a personal insurance plan is that you can make relatively small payments but instantly put into place a protection plan that can provide financial security that will avoid relying on:

• Your savings, investments and assets;
• Government benefits which may provide relatively small levels of income ; and
• Your relatives to provide long-term financial help.

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¹Year Book Australia 2006, www.abs.gov.au
²"Injury Prevention Control", 2005, Australian Institute of Health and Welfare, www.aihw.gov.au
³Australian Institute of Health and Welfare, Australia’s Health 1998
⁴Cardiovascular Health in Australia, Department of Health 1994
⁵Australia Scan: Quantum Market Research 2004