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We should all have the standard insurance – home insurance, contents insurance, car insurance. Why? Because for a lot of people who own their own home, or are paying it off, the home is there largest financial asset. Not only that, but if you lost your home, where would you live?

There are other insurances that we may not have thought so much about:

  • Life Insurance
  • Income protection insurance

The hardest thing I’ve found here, is getting the other half to prioritise this. My sister has said the same thing. Talking about death and potentially debilitating diseases and the impact on your family does not make for the most positive of conversations. But if you make it business like, structured and sensible, it just becomes another task to do.

Basic idea to Life Insurance

If one partner dies, would the other be able to continue to live in the current house, afford the current lifestyle? If the main income earner dies, or is unable to work, it would hit you financially as well as emotionally. Insurance can help ease that burden. My view is you should aim to be insured for an amount that will pay off the mortgage, and leave some additional money to help the remaining partner get through the first few months. Ultimately you might still have to sell your home and go back into the full time work force but you will have some time to decide what is best.

For the stay at home partner, insurance is important too. If you were not there, the remaining partner would have to decide whether to stay home with the kids, part time or full time, or whether to get a nanny. There may be other practical things they are not used to, such as cooking, cleaning, which again you might want to pay for.

If you have a superannuation fund, there is usually an option for Life Insurance included. It can be as simple as filling out the paper work, but if you are looking for a higher amount, some companies will require a health check with the doctor. A hassle, but not a bad thing to get a clean bill of health once in a while.

If you don't have an option with your super, most of the financial organisations such as AMP or the big banks will sell life insurance policies, as do some of the insurance agencies you might you for your house of car, such as GIO. An independent financial planner would be able to provide comparison quotes. To find some recommended

Income Protection Insurance

Income Protection Insurance ensures you have continuing income in you are unable to work due to illness or disability for a short period or on a more permanent basis. It does not protect against redundancy.

This is especially important if you are dependent on one key income earner.

As with Life Insurance, there may be an option with you superannuation to take out Income Protection Insurance, but you can also get a policy from other financial organisations.

More Practical Help


Budget Options

Are you spending too much money? Do you want to cut back but you're not sure where. This section includes some suggestions to keep the budget on track. (more)

Making a Will

Everyone over the age of 18 should have a will, but now that you have children it is even more important. You want to be able to say what happens to them if you are not around, and to make sure they are cared for emotionally and financially. (more)



Just because you are not working full time anymore, doesn't mean you should be ignoring your superannuation. There are couple of things you should be aware of that could help with those retirement savings even while the kids are small. (more)

Saving for your Child's Education

The cost of education is going to be one of the main expenses going forward. In order to reduce the burden of education costs, you can look at the options for starting to save right now. (more)

Government Benefits

Are you aware of the Government benefits for families and what your entitlements are now you have children, even if your partner earns a decent income? (more)



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