Advice when managing family needs

When you have a family, raising children and providing for them can take all your time and energy. It also has a big impact on your finances, considering school fees, mortgage repayments and household expenses.

There are a number of options available that could help you manage debt as well as build and protect your wealth. One example is to buy insurance through your super.

In addition to some cash flow benefits, there are a range of up-front tax concessions that could make it easier for you to purchase insurance through super:

• If you're an employee and eligible to make salary sacrifice contributions, you may be able to buy insurance through a super fund with pre-tax dollars.
• If you're eligible for a Government co-contribution to your super, you could use the extra money you receive to help cover the cost of insurance.
• If you're self-employed, you can claim a tax deduction for your super contributions.

Taking advantage of these tax concessions can make it cheaper for you to purchase insurance through super or help you afford a higher level of cover.

Insurance through super is just one of a range of strategies that could help you get ahead. To understand whether this or other strategies are relevant to your unique circumstances, you need to speak to a financial adviser.