As its name implies, Family Life Insurance ensures all members of the family are covered. Not only does Family Insurance provide life insurance cover for the working spouse, it also provides cover and financial reassurance for the stay-at-home-parent and even the children. Given the very comprehensive nature of Family Insurance, it provides families with the peace of mind that they will avoid financial stress should a family member be unexpectedly struck with a serious illness or injury.
Family life insurance is able to cover more than the basic costs associated with running a household. It can pay for medical expenses associated with illness or injury, household bills and mortgage as well as funding a nanny, cleaner and meals service.
Many are surprised to learn there are number insurance options for the stay-at-home parent. Given the stay-at-home parent is the primary child carer, cook, cleaner, driver, gardener and much more, the costs associated with paying somebody else to perform these duties could escalate very, very quickly! In fact, the Financial Services Council estimated it costs the average family $75,000 p.a to pay for the basics of work a home carer performs. Thus, it makes perfect sense to cover the well-being of the stay-at-home parent.
If you would like to discuss the insurance options for your family, contact one of our friendly insurance advisers at Rate Detective today.