Life Insurance Cover in Australia: Time to talk about the elephant in the room

In the media recently, we have heard plenty of dialogue around the cost of housing and unaffordability. How difficult it is for young families to purchase houses that are – to be honest – outrageously priced. Especially if you are in Sydney. We hear anecdotes of older parents, often at retirement age, helping their children out with house deposits or a fantastic new trend where parents build granny flats on their property for them to live in and their child’s family move into the main house. How’s that for thinking outside of the box? But all’s quiet on the media landscape around the topic of parents helping adult children out when they face times of financial hardship brought on by illness, trauma, and accidents and in worst case scenario, death. One story we heard recently – and it will tug at your heartstrings – was of a single mum who returned home to live with her Dad. He is retired and was happy to have his daughter and his five year old grand-daughter live with him to share expenses and help his daughter get back on her financial feet again after a tough relationship break-up. Sadly, the mum died unexpectedly. The grandfather, the beautiful man that he is, is raising his granddaughter and has found his retirement savings doesn’t cover off on the costs of raising a five year old and her future needs. It’s a sad story and quite often we don’t want to think about or even take action around the ‘what ifs’ but it’s so important we do. Financial planners are seeing more and more clients who are...