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Mary, 40 and Anthony, 47 lived with their four year old twin daughters and Anthony’s teenage son from a previous marriage.

Anthony earned $90,000 a year working in information technology and frequently travelled interstate for business.

Mary was a stay at home parent but had been working one day a week as a marketing consultant since the twins started part time pre-school. Mary planned to return to work when the twins reached school age.

Mary and Anthony saw their financial adviser when the girls were born and asked how to best protect the family should anything happen to either of them. Their financial adviser recommended that they should insure Mary and Anthony’s lives.

Their adviser calculated a total sum insured based on the cost of their children’s child care, educated, carer fees, medical expenses, as well as ongoing income for the kids. They took out a term life and trauma insurance cover.

Just over a year later, Mary was diagnosed with ovarian cancer. The couple decided to use her trauma benefits to pay off some debts, while Mary underwent treatment.

Anthony took on a new position at work that required less travel, so the family could spend more time together.

Sadly, eleven months into her treatment, Mary passed away.

With Mary’s term life insurance benefits, Anthony took three months unpaid leave to look after the children in what was a very difficult time for them. He hired a nanny and a house keeper to assist with the day to day running of the children’s lives.

Anthony also set up trust accounts for the children with the term life benefits so that the children could be financially provided for.

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