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New Research Shows 47% of Families Struggle Financially After Death of a Parent

Life insurance is a new year’s resolution that is easy to achieve and has a lasting impact for your family.

New research from ANZ (see here – PDF) reveals that life insurance has a significant impact on a family’s ability to pick up the pieces after a loved one’s unexpected death. Families who planned ahead by purchasing life cover were in a drastically better position than those who didn’t, financially and emotionally.

If you don’t have life cover, the time to buy it is now. You don’t always have the opportunity to get your finances in order before a loved one’s death. In fact, 42 percent of families report that they had no warning at all when a loved one died.*

There’s a common misconception that life cover is expensive, but it’s probably cheaper than you think. Many users of comparison service LifeInsuranceComparison.com.au have been able to find great life cover for as low as $20 per week (that’s just a cup of coffee a day!), and it only takes a few minutes to get a quote.

Here’s How You Do It:

Step 1: Select your current age below.
Step 2: Once you answer a few questions, you will have the opportunity to compare quotes from up to 12 of Australia’s largest insurers. You may also be entitled to a free consultation.

Losing a loved one is an incredibly difficult time for any family, and it’s an experience that can be worsened by a lack of life cover. Before a loved one’s death, 14 percent of parents without insurance described their finances as ‘struggling.’ After a death, the number shot up to 47 percent.*

On the other hand, 44 percent of parents with insurance said their finances were ‘adequate,’ a number that increased to 56 percent after death.* Parents who have life cover are clearly better off than those who don’t, which in turn can lead to a more secure future for their children.

Families facing financial pressure are more likely to move out of the family home, which can mean real upheaval for any children involved. The study showed that 1 in 3 children over the age of 14 take on a job within 2 years because of money worries, something that wouldn’t be necessary with good life insurance.*

In-house life insurance advisors at LifeInsuranceComparison.com.au can help you choose a policy that fits into your budget and gives you true peace of mind. You’ll compare policies from 13 of Australia’s trusted underwritten insurers, and there are no markups to worry about.

Shopping around for life cover is a simple way to reduce costs and provide peace of mind that your children can have the future they deserve. Compare policies today to see how much you could save on life insurance.

*Research conducted by Ipsos on behalf of ANZ Wealth

Get Started Now:

Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

LifeInsuranceComparison.com.au's online quote comparison tool makes it easy to get quotes from 12 Australia's biggest life insurers