SFA037 Life can change in an instant (1116 words)

This article tells a story that, sadly, is more common for many Australian families than it should be – the long-term after effects of underinsurance. It not only details the financial consequences but the impacts on the health and social welfare of those left behind when the key breadwinner dies. Figures and statistics substantiate this unnecessary pattern.

Paul Taylor was a fit and active 45-year-old who drowned while swimming in surf on a family holiday. Witnessing this tragic event unfold from the beach were Paul’s wife, Sue, their 15-year-old daughter Sophie and 12-year-old son Zac.

Relatives and friends were a great support during the following days, but soon after the funeral, and still in a state of profound grief, Sue had to assess the state of the family finances. Until that time she wasn’t aware that the Taylors were amongst the 95% of Australian families that did not have adequate levels of life insurance.

Not alone...