Policies often cover the breadwinner, but should we be selling more protection to cover events affecting other family members? Greg Becker looks at the Australian answer
Insurance products rarely involve only one person. For life insurance policies, the beneficiary is certainly not the insured life, while in critical illness (CI) policies, the beneficiary can be the insured life. Policies can have payments triggered when insured events happen to other lives – CI plans often include a child benefit and some policies are starting to include benefits when policyholders elect to become the carer of loved ones. Recognising the role of the family as an integral unit in financial affairs. Some products have been developed to reflect this. For example, in ...
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