Planning For The Future With Young FamiliesWe all think we'll live forever, but we won't

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Boojay Boojay! Even though the ads with the French woman singing “Boojay” instead of Budget, for Budget Direct haven’t been on the TV for a few years, I have that song stuck in my head whenever I hear their name.

Which is a lot right now because I’ve spent some time in the last few weeks researching life insurance products to find the best fit for my family. I didn’t know until now that Budget Direct are more than a car insurer – they also provide life insurance options.

Life insurance wasn’t something I gave a whole lot of thought to before I had kids… but it has become obvious that at this stage of life, with a young family, we need to make sure the kids are going to be looked after if the worst should happen to my husband and I.Planning for the future with young families

We’ve got a mortgage and some credit cards and all the usual utility bills and costs associated with having kids. As morbid as it seems, we do need to think about what would happen to them if my husband and I are no longer here to care for them.

Research has found that the cost of raising two children in Australia, for a typical middle-income family, is now over $800,000. This has gone up a whopping 50% since 2007. Meanwhile in the same time period, wages have only gone up by 25%. This means that the financial burdens for young families is greater than ever before.

I work part-time while my husband works full-time, allowing me to look after the kids and do a lot of the running around that they need. This isn’t unusual in our stage of life.

Planning For The Future with Young Families | Stay At Home Mum

 

So if anything should happen to either of us (let alone both of us) the other would be left with a huge financial strain.

When shopping around, I discovered Budget Direct’s life insurance options which seemed to be a good fit for what I was after – especially seeing as we are on a tight budget (who isn’t!)

They have Life Cover which offers a Death Benefit to protect the family if you should unexpectedly pass away. This cover provides a lump sum benefit of up to $1 million depending on age, so your family will be able to have all the debt commitments and everyday expenses covered. There are additional benefits you can opt for including TPD, Trauma, Trauma Plus and Children’s Cover – all of which you can find out more about on their website.

Another option is Express Life Cover, which differs from Life Cover by allowing you to cover yourself for up to $300K of life insurance easily online.

Both have an advanced funeral benefit that can help cover funeral expenses while the claim is being assessed. And with the terminal illness benefit, if you are diagnosed with a terminal illness with a life expectancy of less than 12 months, you can apply for a claim immediately.

And if you aren’t sure how much cover you need, there’s a calculator to help you work it out.

I also found out that it’s a great time to square away our family’s life insurance needs while we are still relatively young and healthy – before we have any major health issues, which means our premiums can be cheaper than if we put it off til later when we could have a loading on our premium or worse, have a health issue that prevents us from getting insurance.   Planning For The Future with Young Families | Stay At Home Mum

Budget Direct has a special offer at the moment where you pay less, or get $100. Right now, if they can’t beat your Life Cover quote they will give you a $100 Prepaid VISA card. (Terms and conditions apply)

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