Protecting your family
Life insurance
Income cover
Crisis cover
General insurance
As your family grows, so do your financial outgoings. Teenagers need adult-sized clothing and shoes (and they don't want the cheap brands). Expensive sports gear, musical instruments, school trips, sports trips and club fees, school fees, transport costs, computers, entertainment costs, fancy hair cuts, school ball costs? the list goes on. Not to mention the daily cost of living with teenage appetites, teenage-length showers and teenage power usage!
Your income may be higher than ever before, and if you've got a partner you may both be working full-time again, but the demands on your income are huge. If you should lose your ability to earn at this point, it would likely have a significant impact, both on your family's ability to continue with their usual activities and on your future security in retirement.
AMP offers a range of solutions to ensure you and your family are financially protected, whatever the future may bring.
Life insurance
Life insurance is the only insurance you don't buy to protect yourself - you buy it to take care of the people you love and who depend on you. If they lose you, your family can lose more than just a loved one. They can lose their source of income and financial security. Having life insurance can give you peace of mind that your family could stay in the home and your kids could continue their education and have the means to pursue their goals.
If you died, or became terminally ill, life insurance could pay out a lump sum so that those most important to you would be free (financially at least) to continue their lives.
Many people are able to arrange Life Insurance for less than the cost of two or three coffees per week, which seems a small price to pay to know your loved ones are taken care of. Ask an AMP Adviser for a quote - you may be pleasantly surprised.
You should also make a Will if you haven't already done so, to provide guidance on how you'd like your financial affairs and your children's welfare to be handled in the event of your death.
Income cover
Income cover is important for people who have high outgoings that could not be managed without their regular income. At this stage in life your family income may be looking better than ever - but your expenses are through the roof! Income cover means that your family will continue to be able to pay the bills, should you be affected by an illness or injury that prevents you from working.
Check out a real-life story on how AMP Income Cover helped one of our customers.
Crisis cover
While income cover is an excellent way to ensure you have a regular income if you are no longer able to earn through illness or injury, what happens if you need money upfront - to pay for things like private healthcare (to bypass public waiting lists for non-urgent treatment), GP visits and medication, rehabilitation, overseas treatment or home wheelchair modifications?
The ideal situation is to have a policy like AMP Crisis Cover that will pay you a lump sum payment upon diagnosis of certain specified conditions. A lump sum payment could allow you to pay off your mortgage and debts or, if you're in business, to ensure your business can continue to run smoothly.
AMP Crisis Cover pays you a lump sum as soon as you are diagnosed with certain specified illnesses or injuries, making it easier for you, and those closest to you, to cope financially.
You have the choice of three types of AMP Crisis Cover:
AMP Vital Crisis Cover: which covers six specified major conditions including heart attacks, strokes and certain types of cancer.
AMP Vital Plus Crisis Cover: which covers six specified major conditions (including heart attacks, strokes and certain types of cancer), plus other specified conditions.
Linked Cover: You can choose to link your AMP Vital Plus Crisis Cover with AMP Life Cover, entitling you to a discount.
Check out a real-life story about how AMP Crisis Cover helped one of our customers.
General insurance
With teenagers at home you may find you have more gear than ever before and that your home, contents and cars are taking more punishment too. Home and contents insurance protects your house and everything in it (your assets) from accidential damage, loss and theft. If you've got teens driving your car(s) you'll definitely want to make sure you don't have an under 25 exclusion - or you might not have cover if they have an accident.
Make sure your home, contents and car insurance is up-to-date by reviewing it regularly. Expensive goods, home renovations and the like will increase the value of your home and contents, so you'll want to make sure your insurance keeps track. You can benefit from discounts for having all your insurance policies with AMP, ask us how much you can save!
How do I find out more about insurance and financial planning for families?
Contact an AMP Adviser in your area or contact AMP.
The content on this website is for information only. The information is of a general nature and does not constitute financial advice or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is up to date and accurate, AMP does not give any guarantee of accuracy or reliability. Click here for our full Terms & Conditions.
