Becoming a new parent is a life-changing event that also brings financial responsibilities. For new parents in Australia, life insurance can provide a safety net to protect your family’s future. Here’s how to estimate the coverage you may need.
1. Calculate Basic Living Expenses
Determine how much is needed monthly to cover your family’s living expenses. This includes mortgage or rent, utilities, food, and childcare costs.
2. Account for Childcare and Education Costs
With young children, consider the cost of daycare, extracurricular activities, and future education. These expenses often make up a significant portion of family budgets.
Include Debt Repayment
Estimate any debts you’d like to cover, such as a mortgage or personal loans. Life insurance can alleviate this burden for your family.
4. Review Regularly as Your Family Grows
As your family’s needs change, reviewing your policy helps ensure coverage aligns with new financial responsibilities.
Life insurance provides peace of mind, knowing your family is protected. Hooper Insurance can provide general advice on how life insurance may suit your family’s needs.
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