Keeping your family home

You’ve argued about whether you can live without a second car space and what to do with the spare bedroom. But isn't it time you talked about how you’d pay the mortgage if one of you got sick?

Meet Kate and Mark

They’ve just put a deposit down on their first home. After some ‘saving’ time, juggling of finances, and putting on hold some of their renovation plans, they can now afford the mortgage payments.

And while they’ve debated the colour the walls should be painted, what they might not have talked about is losing their home if one of them is unable to work due to illness or injury.

Kate and Mark have got car insurance, home insurance and health insurance; but what they haven’t talked about is insuring the very thing that pays for all that, their incomes.

And it’s probably worth more than they think. If you’re 30 and on around $50K a year, by the time you retire you’ll have earned over $3 million!

The good news is that Kate and Mark can protect up to 75% of their income for a little as the cost of a cup of coffee each a day.

What’s more, by speaking with an MLC adviser, getting the right insurance cover may be more affordable than they think. And if they act while they’re young, they can lock in a lower premium rate to help them protect their family for the long term.

Have you considered...

• How much your salary is worth over your lifetime?
• How long could you keep paying your mortgage if you or your partner was unable to work?
• Insuring your greatest asset – you and your partner’s ability to generate income.

Check out how much you and your family might need using our insurance gap calculator and future earnings calculator