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Chris Pearce, the shadow minister for financial services, superannuation and corporate law, said that the personal effects of a death in the family can be exacerbated by financial worries if a family member does not have an adequate level of life insurance cover.

“Millions of hardworking Australian families are seeking to build wealth in order to fund lifestyles both this side- and perhaps more importantly- on the other side of the day they choose to retire,” Mr Pearce said. “An accident, injury, illness or death, can have a dramatic impact on the financial security of an individual or their family. These financial consequences often compound the emotional or physical trauma experienced.”

Statistics from the Investment and Financial Services Association (ASFA) showed that in 2008, more than 13,000 families received the average life insurance payout of $91,000, whilst the average family with young children had debts of $167,000. These statistics show that financial difficulty would be extremely hard for a family to avoid in this situation.

1300 Insurance has life insurance consultants available who are able to discuss options of cover that is available to you and your family in the event of a tragedy.

Source: www.lifewise.org.au

Depending on the cover you elect to receive, Life Insurance can cover you and your dependents in the event of death, disability or long term injury. It’s important to consider Life Insurance as part of your financial plan, as it can cover you and your family against possible exposure to financial hardship in an unexpected event.

Through their website, ASIC has offered some of the following tips when looking at life insurance policies.

* Discuss life insurance with your family and partner

* Don’t just insure the highest income earner in your household

* Decide how much cover you need (there are various Life Insurance policies available, all with different levels of cover and cost)

* Read the Product Disclosure Statement carefully, which describes the product, its benefits, and any limitations as well as fees and charges.

Overall, when purchasing a Life Insurance product, it’s important to feel comfortable with the policy you have selected and to be confident that the policy meets your needs.

After all, as with all financial planning, life insurance can be seen as an investment in the future of your loved ones.