I'm trying my hardest to understand financials, and thats why I joined here. I wanted to know how to make my hard earned, earn hard. I'll be the first to admit though, I'm not very smart with dollars. My smarts happen to be in other areas, of which I get paid handsomely for.
However, it is no longer just me. Just over 12 months ago I married my heavily pregnant partner, and 1 month later we had our first child. Yep, just scraped in on that one.
So I have been thinking more and more about what would happen to them if the inevitable happened. If I was struck down and unable to work or worse still lost my life how would they cope?
Our situation is as follows;
We are both 33.
I work full time, she is a full time student and mother. We have one child but planning another.
2 investment houses - Both in my name and border line neutral/positively geared.
Family home (also in my name) with a fairly heavy mortgage, but comfortably sustainable on current income
Income from employment (including super etc) is just over $180k/p.a. + bonus. Expect it to increase later this year when I go back to fifo. Currently working out of Perth City.
I'm also currently trying to sort my super out. I have about 4 or 5 I think, but wanting to roll it into one.
The problem I am having is who do I see about insurances (life, income, etc) and how do I know I am not going to be underinsured or just not covered due to a technicality.
If I passed away, I would really like the houses to be payed off. I would like my wife and child(ren) to live as comfortably as possible with out me around. I would like an income for my wife so she could continue to look after the kids and complete her study if she desired.
Ideally, financially I would like it to be as if I was still here for a long time.
I dont even know if you can get that kind of cover? I dont know if I am being unrealistic? I dont even know where to go to get it sorted. A good accountant? Some kind of insurance broker? A financial planner?
Would anyone be able to point me in the right direction?