Friday, October 21, 2011

Life Insurance Australia: A Balancing Act

Life insurance is not just about investment. It is not just about paying for the life insurance policy in Australia and gifting your beneficiaries with a value that is larger than the sum of all the values you have paid. It is more about just paying ad receiving. In a sense, it transcends anything that an investor or financial adviser can guide you on; it transcends anything that a life insurance calculator can show you, because life insurance is not just about money.

Life insurance is about providing for your loved ones. It is about giving them help when they need it the most. It is about giving them a legacy to remember you by. More importantly, it is all about telling them that you have thought about them long before you knew when you would pass away; that you have considered their well-being in advance; that you are concerned enough about them to not only provide for them in the present but also provide for them in the future, when you have already passed away without any responsibility to continue on providing for them. It is about showing them that you had the foresight to actually consider how they would live and how much they would need to maintain the lifestyle you have allowed for them.

Of course, it is not all about the emotional stuff and the underlying reason why you have decided to get a life insurance policy for them. It is also about being practical and making informed decisions when purchasing a life insurance plan. It is about checking a life insurance calculator, knowing how much you are really worth, and how much you are willing to pay to maximize the value of your investment to manage the income you can provide for your loved ones today and in the future. In a sense, life insurance is all about balancing the present and the future.

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