We recently launched a comparison quote service for life insurance and income protection insurance on Mozo and were surprised to discover how shockingly underinsured many Australian families are in the event of an illness, injury or death. To share her personal experience on the issue, we are thrilled to have guest blogger, Kylie Ofiu on the Mozo Blog. Kylie is the author of 365 ways to Make Money and this is the first of a series of guest posts she will be doing for us, sharing insights and tips on how to save (and make money) with the Mozo community.
How much are you worth?
When I was a teenager my mother was diagnosed with cancer. I often wondered what would have happened if it was my dad going through the treatment, as he would have been unable to work. In our house, my parents openly discussed finances with us, so I asked my dad how we were coping with less work and increased expenses. Dad said it wasn’t a problem, as they had insurance for both him and mum.
At the time, I thought only houses and cars got insured, but I learned you could get life insurance and income protection insurance as well. Income protection insurance covers you if you are ill or have an accident, whereas life insurance covers you after death or if you are diagnosed terminally ill. It doesn’t cost much, but can help out a lot when you need it.
Mozo offers a free service where you can compare different policies to find the one that best suits your needs with just one search. If you have a family I think they are essential insurances. As my mum was terminally ill, her life insurance covered everything. But what if she had had an accident or something instead? She ran the home. She cooked all our meals, cleaned, ran us around to all our sports, music and other activities, which with 5 children is a lot of work. There was no insurance for her.
There is now though.
Million Dollar Woman is where you can get insurance to cover full-time mums for situations such as accidents where they are unable to do their normal duties. Imagine the cost of getting a cleaner in, ordering in meals and getting people to run your kids around. It’s certainly not cheap. If you have the right insurance, this isn’t a problem.