Fully aware of the time restrictions, our little girly catch-up lunch was turning out to be like a speed dating session. With full-speed motor mouths, the three of us – who hadn’t seen each other in almost a year – launched straight into the nitty gritty of the latest happenings in our lives.
One girl was now pregnant. There was me, the new-ish mum. But it was M’s story that needed our utmost, undivided attention.
She cut right to the chase, without a moment to catch her breath. Racing through the story, I did my best to pick up on all the vital words that were integral to the crushing ordeal her family had just recently been through.
Throughout the entire discussion, I was amazed how calm she was.
Thankfully, M’s husband survived the brain hemorrhage, but even after spending weeks in hospital, doctors had strictly advised him to take another 6 months to rest and recover.
My amazingly strong friend continued to describe the stress in suddenly finding herself as the bread winner. She became the sole provider for their little 4 year old boy. She had to pay all the bills as well as the mortgage of their recently bought home.
Wondering about the toll it took on her, I couldn’t help but ask: “How are you coping ? I mean, financially?”
Matter-of-factly, she replied: “Income protection”
At this particular moment, I stopped to reassess my own circumstances.
I constantly tease Mr Surfer for his over-protective nature, saying if he could bubble wrap his family for an eternity, he would.
All jokes aside, I realised he planned out the next best thing for us. He’s protected me and the boys with life insurance. God forbid we should EVER have to use it, but we take comfort knowing that we have, at least, a financial safety net.
However, while Australians insure their homes, cars and holidays, we tend to forget about our lives.
A 2008 joint survey conducted by the Australian Institute of Superannuations Trustees (AIST) and Industry Funds Forum (IFF) found that:
1. 1 in 2 industry fund members were underinsured by $100,000 or more.
2. More than 50% of respondents were underinsured for death cover by $100,000.
3. For Total and Permanent Disability cover, 74% are underinsured by $100,000 or more.
4. For Income Protection cover, 45% are underinsured by $1,00 or more a month.
Working out an insurance plan for you and your family doesn’t need to be overwhelming, consumed with confusing jargon or biased information.
But we shouldn’t be scared to face what the future might have in store for us, either.
September is Life Insurance Awareness Month.
The Australian Life Insurance Movement has been created to increase awareness about the severe problem of underinsurance in Australia.
To check whether your family’s existing insurance arrangements are adequate, visit the life insurance calculator from Life Insurance Finder and then compare life insurance plans to find the right option for you.
It won’t take long. And it could possibly change your fate.
Disclaimer: I am participating in the LIFE Awareness campaign. I received a VISA gift card for this post courtesy of Life Insurance Finder via Digital Parents Collective. I am also in the running to win an iPad3. As always, all opininions are purely my own.
Joining Jess for IBOT.