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Valentine’s Day means different things to different people

But ultimately it's about Love — and Love Takes Action

What some people miss is that life insurance is really love insurance — by having sufficient life insurance, they're safeguarding the future of the ones they love. Drew Browne

Four thoughtful ways you can act on your love today

1. Make sure you have enough life insurance in place

  • to payout all your debts and the mortgage (or have sufficient to buy a place to live), and
  • to provide at least one year's replacement income, usually, two if you have children or elderly parents who you support (because who wants their partner to have to go back to work on Monday morning after unexpectedly losing the love of their life on Friday afternoon).

If you want to know where to begin thinking about this big question, watch our fun explainer video, How Much Life Insurance is Enough or check out the government MoneySmart online Life Insurance Calculator.

2. Update your Binding Nominations

What's a Binding Nomination I hear you ask?

  • Superannuation funds and Life Insurance companies need to know in writing who you officially nominate to receive any life insurance payout.

If you don't formally nominate who that person is, and keep it updated, you might not like who actually receives that life insurance payout.  So remove all doubts and get it officially documented (and have your financial adviser keep a copy for you too).

You can change and update your nominations as you like, but you have to make one first.  You can learn more about Binding Nominations here.

Pro Tip: Some high-quality Income Protection policies also have a death benefit component to the cover they provide so check if your policy does and whether you need to update your official Binding Nomination.

3. Get your 2 Key legal documents in place

We all need to make sure we have at least two current important legal documents in place:

  • Attorney and Power and
  • Power of Enduring Guardianship

These are designed to protect you and help your partner (because who wants to have to fight unsupportive biological family members or hospital staff if you have an accident and want your partner with you or need them to make important medical decisions for you).

Pro Tip: The different Australian states sometimes have different names for these estate planning documents, so just let us know which state you live in and we can help you out with this if you like.

4. Commit to learning a little more about your money matters, each month

We can all recognise that 'old ideas are never going to take us to new places', so in our ever-increasingly complex financial world, having your own professional guide who can help you navigate your way, is essential for success.7 Financials decisions for same sex newlyweds

We can help you with every one of these important steps, so when you're ready to take action and act on your love, we'll be there for you.

Wherever you are and whoever you love, have a Fabulous Valentines Day!


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About Us

Unusual Risks Insured provides support to those people who big insurance companies leave behind. We believe in giving every person the power to use life insurance products to protect & provide for their loved ones, their businesses, and their legacy — free from barriers of stigma and discrimination.

We know, as an LGBTQIA+ person (or someone who goes without labels entirely), you probably have specific financial advice, life insurance, and privacy needs.

  • We're committed to serving the LGBTQIA+ Community and its Allies.
  • For us, it's about change leadership and #AdviceEquality.

Why not make us part of your story, so if the unexpected happens to you or whoever is family to you, you'll have a backup plan in place to help you financially recover and life can still get better for somebody you love.

#LoveTakesAction  #AdviceEquality  #PrideInAdvice

contact drew browne advisor Unusual Risks Insured and Sapience Financial

Drew Browne, Senior Advisor

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