Displaying items by tag: Life Insurance

How much life insurance cover do I need?

This question has always intrigued me because it sounds similar to the equally difficult to answer question, ‘how long is a piece of string?’

I suppose the answer is, ‘as long as it needs to be and as much as you need to have’.

But that's probably not going to move the answer along much, so here is a good place to start your thinking.

Published in Blog

Why you should buy life insurance for your Co Parent or Ex Partner

Co Parents need life insurance and this is why

While you might not be together romantically, raising children together leaves Co Parents financially connected in many ways — whether you want to acknowledge that or not.

Jump Ahead

Remind me again what is Co Parenting?

The term Co Parenting was traditionally only used to describe a situation where a parent had split from their previous partner following a separation or divorce, but who were still actively involved in the lives of their shared children.

It's also a way to be actively involved in the life of a child along with other adults committed to helping you grow a happy child.

Talking about what matters most

Whether you’re Co Parents by choice happily sharing parenting responsibilities, or Co Parents by circumstance post separation, having a life insurance policy on each of your lives, protects your child from the financial effect of losing one (or more) of their parents.

Having open and frank conversations about these realities of life we all face is just another part of putting the needs of a child first.

A life insurance policy is essentially designed to help protect the nominated beneficiary from the financial impact that losing a parent will bring.

  • You may have particular plans for the child you Co Parent that require financial security.
  • You or your child may still depend on a former spouse financially.
  • If you receive maintenance or child support after a divorce, remember if your ex-spouse dies, that income would disappear.

Ultimately the loss of one parent will increase the financial responsibility of the surviving parent - and usually at a time when finances are already stretched.

Conversations about this essential part of life and parenting should always be about the benefit of the child in the long run.

Learn more about the risks families face when they lose an income-earning parent to unexpected death.

Download our free eGuide 31 Australian Families Lose a Parent Every Day.

Case study 1

Co Parenting by circumstances post separation

Olivia has three kids to two separate fathers from past relationships and has been receiving child support for each of them ever since the relationships broke down. One of the kids has now been diagnosed with additional needs and requires more attention and care, so family budgets and free time can get out of balance quickly.

  • If something happened to one of the fathers and the child maintenance stopped, she would have to make some very difficult care decisions and she's understandably concerned her ability to care for her boys would suffer.

The answer - a life insurance policy on each of the children's Co Parent fathers.

Three things Co Parents need to understand about Life Insurance

1.  Understand the difference between the Policy Owner and the Life Insured

In Australia, a life insurance policy can be owned and paid for by a person different from the Life Insured. For example, a policy can be owned by a parent and the life insured be their child or parent or even an employee who is considered a Key Person to a business.

2.  Understand the Policy Owner gets to name the Policy Beneficiary

In Australia, if you are the Policy Owner and paying the premiums for a Life Insurance policy, you have the right to nominate who is the policy beneficiary and make changes to the policy. The Policy Beneficiary is the person nominated and named in an insurance policy to receive a future life insurance payout.

3.  Understand the special limitations of Life insurance nominations policies in a Super fund

When a life insurance policy is held in a super fund, it's fair to say the rules about who is allowed to be a nominated beneficiary, have not kept up with modern life. There are special rules about biologically related children under 18 that change once the child is over 18. The rules relating to stepchildren are even more confusing and may see a stepchild losing their right to inheritance once their stepparent dies.

Work with a professional adviser at Unusual Risks Insured who understands Co Parenting.

Case study 2

Practical planning for Co Parents

David separated amicably from his former partner last year who now has primary custody of his teenage daughter Sarah completing her private schooling. David's new partner has two infant twins who adore him and his time and finances for his new younger family are getting stretched looking after them all.

  • The prospect of having to assume full financial care for his own daughter too, in the event that his ex-partner was to unexpectedly pass away, is protected by him having a separate life insurance policy on his ex and a separate life insurance policy on himself.

Both life insurance policies each name his daughter Sarah as the sole beneficiary of the policy. Of course, everyone hopes they will never need to make a claim, but now it's in place, they all benefit from the peace of mind this type of backup plan brings to all their families.

Co Parents need life Insurance

Take a proactive approach to your Co Parenting.

Although your Co Parent may already have their own life insurance policy in place naming a number of different beneficiaries, taking out a separate policy on them where you are the policy owner puts you in the driver's seat.

You know for sure the policy premiums are being paid, the beneficiaries cannot be changed without your approval and the peace of mind knowing the policy is accurate and up to date.

How to set up a Life Insurance Policy as a Co Parent

Purchasing a policy on your ex-spouse or partner requires their cooperation as they will need to answer the personal health and lifestyle questions during the application process.

This is when things can get complicated.

Co Parenting by choice

  • If your Co Parent is onboard, the process of setting up a life insurance policy on you or both Co Parents is straightforward

Co Parenting by circumstance - post separation

  • Navigating a divided family can be both emotionally and financially difficult.

If your relationship with your ex is less than ideal, or they’re simply not invested in the welfare of their child, it might be difficult to convince them to complete the health and lifestyle questions that every life insurance policy requires.

Who should pay the insurance premiums?

The subject of who should pay for the premiums on a life insurance policy can also be problematic. Remember, the policy owner/payer gets to nominate the policy beneficiary.

  • If your ex doesn't feel they should be obligated to make the premium payments by themselves, they may suggest that you split the cost of the premiums down the middle.
  • If you're worried that co-managing the policy might become too stressful, you might consider making premium payments on your own.

How Unusual Risks Insured can help

As an independent third party, Unusual Risks Insured can send people applying for life insurance cover a confidential link to an online form so they can complete their own personal health questions confidentially, at a time convenient to themselves. This means we try and remove any face-to-face contact for them and maximise their privacy.

We believe in Advice Equality

Unusual Risks Insured specialise in working with clients with hard to insure health or occupations, people with diverse backgrounds, family and relationship structures, and people with high privacy needs - Australia-wide.

You can have a comfortable conversation with us

We’re the experts at talking about what matters most.

Advice equality means our clients never have to prepare for a homophobic conversation, religious judgementalism, never have to be prepared to be ‘the constant educators’ and be forever ready to explain and defend the benefits of PrEP, that HIV is a chronic but now manageable condition or how Gay Dads and Lesbian Mums have different needs, that growing families takes time and ultimately some guys love guys and some girls love girls, that love knows no gender and that Love Makes a Family.

We get it, we love it, we defend it and we celebrate you.

Begin with the end in mind 

Co Parenting, whether by choice or circumstances post separation is a part of Modern Australian Family Life.

Ultimately a Life Insurance policy alone is not the goal - it's a means to an end.

  • It's a way to make sure your child is protected if you unexpectedly find you’re no longer around to care for them.
  • It's a way to make sure whoever cares for your child has sufficient resources to do so, if you're no longer around and they unexpectedly find themselves without you.

For a Co Parent, increased peace of mind and financial security may come in the form of a simple life insurance policy.

Start up a conversation and send us an email today to see if we're the type of people you'd like to work with.

Published in Blog

Co Parenting - it takes a modern village to raise a modern child

Gay couples don't stumble into parenthood by accident — it's always a deliberate act (and usually a complicated one too).

Like any modern family, there are many ‘ways to grow a family’ and Co Parenting is becoming just one of those many ways.

  • Back in the day, the term Co Parenting was traditionally only used to describe a situation where a parent had split from their previous partner following a separation or divorce, but who were still actively involved in the lives of their shared children.
  • In the past, Gay Parents were mainly women or men, who had children from former heterosexual relationships and who had later separated or divorced, but who were still actively involved in the lives of their shared children.
  • Today, Co Parenting is becoming just another way of creating a family for many gay, lesbian, or gender diverse people often because it’s a way of having your own biological child, and being actively involved in its life and development with other adults who are committed to helping you grow a happy child, (and all without having to go through the uncertainty and financial stress of surrogacy).

Regardless of whether you're Co Parenting from circumstances or choice, the parents agree to put the needs of the child first.

Meet Chris & Mirko, Anna & Jennifer

It really does take a modern village to raise a modern child.

Meet Chris and his partner Mirko.

Today they have a three-year-old daughter and they share her parenting responsibilities with their two female friends, Anna and Jennifer. Chris also shares additional parenting responsibilities with their 18-month-old son, while Mirko is just the Uncle. But it wasn’t always like that.

Wait - feeling confused and starting to need a flow chart to keep track of who's who and how?

Relax - it's Co Parenting.

A proud gay dad, if you ever ask Chris about his daughter he'll show you what can feel like 100+ photos of her (that he just happened to have on hand from last weekend's photoshoot).  He'll also tell you,

“I always knew I would be a parent, I didn’t know how but it had to happen. I love kids and I love family - it's who I am and it's super important to me”.

As a child, Chris helped his own single mother raise 3 younger siblings, but when he began dating, his plans for future fatherhood seemed to be in conflict with his dating experience. That was until he met his partner Mirko, who was already a proud and active ‘Funcle’ (aka the Fun Uncle) to his own nephews and nieces.

Together, over the next two years, they looked for ways to build their own family. They discussed fostering, looked seriously into adopting, and even ran some very detailed numbers on the cost of altruistic surrogacy in Australia.

The biological link

Chris wanted a biological link to a child of his own, whereas Mirko had no especially strong feelings either way, as long as he could be the fun dad.

“Through mutual friends, we met a lesbian couple Anna and Jennifer who also wanted to have a baby of their own. At first, we just shared our respective frustrations about growing our own families and the cost of surrogacy, over weekend dinners together. Over time it was clear they were looking for ways to create their only family too and we all became really good friends”.

Over time, they began to discuss if they ‘could use each other's reproductive capabilities’ to have a child?

They talked about each other's parenting expectations, their hopes for the future, compared ideas about how their own parents and circles of friends might react to them becoming parents, and discussed the types of support each had and might need.

Hastening slowly

Over time they all slowly edged a little closer towards the idea of them all becoming parents and Co Parenting. Eventually, they had separate discussions with a solicitor - both to get clarity on their important decisions and to formalise their shared plans for the future.

Happiness comes in pairs

  • That was two years ago and since then, little Miss ‘Charlotte Lousie’ arrived in the world two years later - daughter to two proud and doting dads Chris and Mirko.
  • A little over 18 months later Little Master ‘Samual Elijah’ arrived - son to widely happy Anna and Jennifer.

Together they are happy Co Parents, and another modern family.

Who is Co Parenting in Australia today?

Simply put, Co Parenting is an arrangement (formal and in writing or informal but clearly understood) made between two or more people to raise a child together, when the two biological parents are not in a romantic relationship with one another.

Single and Co Parenting

  • This could be a single man and a single woman (heterosexual or LGBTQI+ ) who have not found a partner and want to have a child.

Partnered and Co Parenting

  • This could be a same-sex couple and a single person of the opposite sex, (in this case the child might be brought up by 3 parents, for example, two fathers and one mother)
  • This could be a lesbian couple and a gay couple who agree to raise a child together which might be biologically related to one of the lesbian mothers and one of the gay fathers, (in this case the child might be brought up by 4 parents).
Gay couples don't stumble into parenthood by accident. It's always a deliberate act.

How we support modern Co Parents

Unusual Risks Insured is a modern financial advice practice that specialises in helping Modern Families get their life insurances stored.

Everyone who comes to us as a Co Parent has given parenting a great deal of thought, has the resources to care for a child and all share the same commitment - to make sure those they love are protected and provided for financially, in case a parent unexpectedly becomes disabled or passes away.

Where Co Parents start their insurance thinking

Most parents start with the idea of having a realistic picture of ‘what they want family life to look like, if they are unexpectedly disabled or no longer around’.

Pro Tip: As an absolute minimum, we say make sure you have adequate life and disability insurance in place to buy a nice place to live, to replace your income for at least a year, and consider what it will cost to safely provide for your children (and a partner or guardian to care for them) through to at least the end of their education.

You can read more about How Much is Enough, here.

Protect your family's future

Co Parents put particular time into making sure insurance policy beneficiaries are clearly identified and they make sure they get clear on their own estate planning needs as well, to make sure there is a family backup plan in place, just in case.

Professional Advice makes life easier

Having an ongoing relationship with a specialist financial adviser like the team behind Unusual Risks Insured, means they never lose track of important paperwork and policies, they can make updates as needed and they don't have to constantly re-explain their family structure to a stranger whose attitudes toward modern family life might not match their own.

  • An ongoing professional advice relationship also provides a family a clear and immediate pathway to managing an insurance claim too - if the unthinkable were ever to happen.

In short, taking control of your family’s future means peace of mind - knowing you have done everything you can as a parent, to protect and provide for your family — biological and logical.

Read our blog Single Parents Need Life Insurances Too.

Some of the advantages of taking control of your growing families insurance needs

Whether you're Co Parenting by circumstance or choice, taking a deliberate approach to growing and protecting your family has clear benefits. Each person has different needs and abilities and each situation has unique risks to manage.

If you’re Co Parenting by circumstance post-separation

  • taking out a separate life insurance policy on your Co Parent places you in the driver's seat. Rather than risk future confusion or disagreements about what percentage of a policy payout goes to who and when, having a separate policy makes your expectations clear.
  • You're in the position to determine who the policy beneficiary should always be and to know how much the benefit payout will be.
  • Additionally, when you're the policy owner/payer you know for a fact that the policy is being maintained and the premiums are up to date.

If you’re Co Parenting by choice

  • You can decide how your own life insurance payout should be distributed, whether that's held in trust solely for the future benefit of your child or immediately split between a partner and your child.
  • If you're a non-biological partner, you can control who is your nominated policy beneficiary (or beneficiaries) and better understand the future tax effects.

Regardless of how you might Co Parent, whether by circumstances or choice, putting the needs and best interest of the child you love first, is what guides your decisions.

And isn't that what a modern family should be about?

#LoveTakesAction

Where to now?

  Discover someone with a similar situation in our Case Studies.

  Have questions? See our Frequently Asked Questions.

  Make sure you Browse through our Blog.

  And when you're ready to know if we can work with you why not Skip the Que & Call for a Chat.

#LoveTakesAction

Published in All Case Studies

How to buy life insurance if you’re LGBTQI+

An interesting question we're often asked is,
'Who are the most uninsured people in the community?'
The answer might surprise (and sadden) you.

Young male P plate drivers? Young Tradies? Army Reserve personnel? Single mothers? No.

The Australian LGBTQI+ Community is one of the most underinsured and underserved markets with financial services.

This of course then leaves them and their families at greater vulnerability than their straight counterparts.

Published in Blog

What are the main reasons people claim on their Life Insurance?

In 2019 over $33 million dollars in claims were paid out each day by the Australian Life Insurance industry.

  • Cancer is by far the number one cause of death claims in men (39%) and women (61%)
  • Accidental Death is much more prevalent in men (20%) than women (7%)
Published in Most Common

Straight and living with HIV? It's becoming more common than you'd think

The typical straight guy (or girl) next door who is just living with a chronic health condition called HIV, is increasing

HIV is not a top of mind conversation starter for most straight guys and girls so many straight people believe HIV is not a health issue for the straight community; but they would be very mistaken.

  • In Western Australia during 2020, more straight men were diagnosed with HIV than gay men.
  • Despite new HIV numbers declining nationally for more than a decade, the number of straight men contracting the sexually transmitted HIV virus is on the rise.
Published in Blog

What has sexuality got to do with a life insurance application?

The simple answer is — Not much.

The honest answer is — A lot more than you'd think

  • Life Insurance companies traditionally haven't designed their products and services with LGBTIQ people in mind and tend not to consider the needs of diverse communities.
  • Research shows when service providers assume their clients are heterosexual and use heterosexist language, this can result in discomfort, alienation, and even ongoing discrimination against a significant part of the broader Australian community, their families and friends.
Published in Blog

Meet Ricki and Davesh - New Dads-to-Be through Surrogacy and IVF

Ricki and Devesh are a same-sex couple who first met at University and later married after the Australian Marriage Equality plebiscite in December 2013. Ricki is a Florist and Devesh is an Account Manager for a pharmaceutical company.

For years they wondered if it was ever going to be possible for them to start a family together?

They learned all about the Australian foster care system and adoption and even looked at expensive overseas options too.  After months of sleepless nights, endless conversations, and an exhausting search for what felt like the best thing for them, together they settled on the idea of altruistic surrogacy in Australia.

Wanting a biological child of their own

Ultimately both Ricki and Devesh decided they wanted to have a child who was biologically their own.

  • Ricki and Devesh’s mutual friend Lillian had a girlfriend Jane, who already had two of her own children, still loved the idea of being pregnant but not the reality of adding a third child to her family.
  • Together, Ricki and Devesh came to an agreement with Jane for her to become their surrogate and use IVF to begin their own biologically related family, together.

The next few months seemed to be a blur of appointments with Fertility Counselors, IVF treatments and cycles, genetic tests, couples counseling, and what seemed like a mountain of legal paperwork.

Working with the right Financial Adviser

IVF and Intended parents life insurance timeline chartWhen it came to Ricki & Devesh getting Life Insurances in place to protect themselves as they were soon to be Intended Parents and their Surrogate, their Fertility Counsellor recommended a confidential chat with unsuaulrisks.com.au who specialise in complex insurance situations.

Deciding upon who the biological father would be?

For Ricki and Devesh, deciding which of them would be the biological father was fairly simple. Of the two, Rickie is far more attached to the notion of his child being biologically related to him, while Devesh is just simply excited by the prospect of becoming a ‘Dad’, especially if the baby has a biological connection to his husband.

How do you say thank you for an unrepayable gift?

Now Ricki regularly sends Jane (what is often described as ‘an entire florist shop in a delivery van’) thank you flowers.  They're all excitedly looking forward to the arrival of their new child - made possible through IVF and the incredible love and generosity of a new family friend who agreed to become their Surrogate.

Learn more about the IVF & Insurance Timeline to arrange Life Insurances for Intended Parents and their Surrogate. Download our free resource, When to Arrange Intended Parent and Surrogate Life Insurances, chart.

Where to now?

  Learn about our Surrogacy and IVF Life Insurances.

  Have questions? See our Frequently Asked Questions specifically for Surrogacy services.

  Read about our range of Services. See Our Services.

  Ready to know if we can work with you? Get in touch with us for a chat.

#LoveTakesAction

Published in All Case Studies

Intersex Remembrance Day

'Pink is for girls and blue is for boys. Girls are princesses and boys are pirates. Girls like only boys and boys don’t kiss other boys... — These are just a few restrictive ideas of gender and gender identity that have seen many queer people marginalised and scrutinised for centuries'.
(National Geographic Magazine - Jan 2017 issue)

If there is anything we know, it's that life is not black and white - and not everyone is neatly defined by an Acronym LGBTI.

Published in Blog

Can you still get life insurance with a history of drug use?

Life is complicated.

Getting on with life is even more complicated; so it's important to talk about what matters most and know where we stand.

  • In 2019, around 3.4 million Australians reported using an illicit (recreational) drug in the last 12 months.1

So how does having a history of personal drug use affect your ability to create a safety net for yourself and your family?

Here's what you need to know ahead of time when you're needing to get your life insurances sorted.

Published in Blog
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    When it comes to parenting in the LGBTQI+ community, there's really no such thing as average.

    However you're doing it, Love makes a family.

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