It’s a proud moment for any parent when their child becomes financially independent. But in 2021, a rising cost of living* combined with the impact of COVID on young adults means parents may still have to help out their children well into their 20s and beyond.
But what would happen if you were suddenly unable to work due to illness, injury or even death? How much pressure would this put on your children financially?
That’s why it’s important to protect your family’s future with a good life insurance policy. You can start comparing the best policies today with Life Insurance Comparison.
The ‘Bank of Mum and Dad’ won’t last forever
Aussie parents are already spending hundreds of millions of dollars every** week to support their adult kids.
That figure has only grown due to the impact of COVID-19, which has forced the younger generation to move back into their family home^.
Relying on the ‘Bank of Mum and Dad’ is sadly becoming the norm for many adult children around the country.
And that adds more pressure on household budgets, especially if you’ve got other financial commitments such as a mortgage, credit cards, or a car loan to pay off.
The question of how your kids would cope without you doesn’t just affect those of us with debts, especially if you haven’t been able to save for a rainy day.
That’s where Life Insurance Comparison can help – to protect your future as well as your children’s.
Protect your children’s tomorrow, today
Life insurance may not be at the top of your mind, but as they grow up and are still reliant on you financially, it’s crucial to start thinking about how you can protect the life you’ve worked so hard to build for them.
With Life Insurance Comparison, we take the hassle out of researching and comparing life cover for you and your loved ones. Our quick and easy comparison tool compares policies from 10 of Australia’s leading life insurers.
Plus, you don’t have to get a policy that only covers you if you pass away – there are options to keep you financially secure if you are unable to work, even temporarily, due to illness or injury.
Planning for the future is just as important for you as it is for your children – even as they get older. Find a policy to protect the life you’ve built for your family with Life Insurance Comparison.
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.com.au's online quote comparison tool makes it easy to get quotes from 9 Australia's biggest life insurers
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.
*ABS, Consumer Price Index, December 2020
**Mozo, What stay-at-home adult children cost Aussie parents, May 2018
^Domain, 1 in 4 Australian adult children move back home, May 2020