When planning for the future, it’s essential to think beyond your Will. One of the most powerful ways to protect your family financially is by integrating personal insurance into your estate planning strategy.

What happens to your family if you pass away?

The loss of a loved one is always difficult, but the financial impact can be just as overwhelming. Would your existing assets cover mortgage repayments, school fees, and daily living expenses?

Life insurance provides an immediate lump sum that can help bridge the income gap and reduce financial stress. But how much is enough? That depends on your unique financial goals and obligations.

Can your family keep the house?

In many households, mortgage repayments are a shared financial responsibility. If one income disappears, the family home may be at risk. Mortgage protection through life insurance can ensure your family remains secure—especially in today’s volatile housing and rental markets.

What happens if you can’t work due to illness or injury?

Income protection insurance offers regular payments while you recover, helping you manage essential expenses without draining savings or going into debt.

In more serious cases, Total and Permanent Disability (TPD) insurance provides a lump sum to cover long-term costs such as rehabilitation, home modifications, and ongoing care.

What if you suffer a serious health event?

Trauma insurance pays a lump sum upon diagnosis of a critical illness such as heart attack, stroke, cancer, or organ failure. Unlike income protection, it pays out whether or not you return to work. This gives you breathing room during recovery—financially and emotionally.

Customising insurance to your needs

No two people have the same needs. Whether you have dependants, a business, or significant debts, your insurance plan should reflect your circumstances. Our experienced financial planners can help you assess what’s right for you.

Integrating insurance with your estate plan

Insurance and estate planning go hand in hand. Assigning power of attorney allows someone to act on your behalf, especially during claim processes for TPD, trauma or income protection.

A carefully written estate plan ensures that insurance proceeds are distributed efficiently and in accordance with your wishes—avoiding unnecessary legal disputes or delays.

Don’t leave it too late

Passing away without a valid Will can lead to additional legal complexity, conflict, and uncertainty for your loved ones. Make sure your family is protected from every angle—financially, legally, and emotionally.

Need help understanding your insurance needs?

Contact one of LDB’s financial planning experts to ensure your estate plan is future-ready. Call us on 03 9875 2900 or get in touch online.