Protecting your ability to enjoy life’s pleasures is not just about putting the right insurance cover in place or having adequate levels of savings.
Preparing a will, planning for your funeral expenses and making arrangements for a trusted relative or friend to make decisions on your behalf if something does happen are among the things we don’t want to think about, but should.
Making a will
Making a binding will helps to ensure your savings, possessions and life insurance payout goes to the people you intended it to go to. The Law society can provide more information on creating a will.
Covering funeral expenses
The last thing you want to think about is paying for your funeral. But given they can cost between $4,000 and $7,000, it’s important to make provisions should the unthinkable happen. Some Life Insurance policies include a provision for funeral expenses, and there are policies specially designed to cover the cost of funerals.
Below are a few useful links to find out more about preparing for a funeral
Nominating beneficiaries
When you take out a Life Insurance policy within super you will be asked to nominate a specific person to receive any death benefits. This is called a ‘binding death nomination’. A binding death nomination is a written direction to the Trustee that sets out the dependants and/or legal personal representative who should receive your benefit in the event of your death. Binding death nominations are usually valid only for a period of three years so it’s important to renew it regularly.