How can I protect my family’s financial future if something happens to me?
Starting a family is one of life’s most exciting milestones—but it also comes with a new level of responsibility. It’s no longer just about you. It’s about ensuring your spouse or partner, and your children, are financially protected if something unexpected happens.
At McMillans, we help families take practical steps to secure their lifestyle and future, even in the face of uncertainty. One of the most important tools in that plan? Insurance.
Why Does Insurance Matter More Once You Have a Family?
When you're single or in a dual-income household without children, your financial risks are lower. But once you become a parent or primary provider, your income becomes essential to your family’s wellbeing.
Imagine if an accident, illness, or worse left you unable to work—what would happen to:
Your mortgage or rent repayments?
Your family’s day-to-day living costs?
Your children’s education plans?
Your debts, loans, or credit cards?
Your ability to afford medical care, transport, or childcare?
Insurance helps answer these questions with certainty—not stress.
Case Study: A Family Caught Off Guard
Tracy and Craig have two young children, aged 5 and 2. Life was going to plan until Craig was diagnosed with terminal cancer and given only three months to live.
Craig earned $80,000 a year, allowing the family to live comfortably and buy a home valued at $400,000. But with a $350,000 mortgage and no savings or life insurance, Tracy faces the heartbreaking prospect of having to sell the family home, return to work immediately, and rely on government benefits—all while grieving and caring for two young children.
This situation is devastating, and unfortunately, it's not uncommon.
What Types of Insurance Should Families Consider?
We recommend reviewing or setting up the following policies as part of your financial plan:
Life Insurance – Pays a lump sum to your family if you pass away
Total and Permanent Disability (TPD) Insurance – Covers you if you’re permanently unable to work
Income Protection – Pays a percentage of your income if you’re unable to work due to illness or injury
Trauma/Critical Illness Insurance – Covers specific serious medical events like cancer, stroke, or heart attack
Having the right mix of cover gives you peace of mind that your family can maintain their lifestyle, pay their bills, and stay in their home—even if the worst happens.
Already Have Insurance? It Might Be Time to Review It
If you’ve had insurance in place for a while, a life change—like having children, buying a home, or changing jobs—is the perfect time to review your policy. You may need to increase your cover or update your beneficiaries to match your new priorities.
Let’s Protect What Matters Most
At McMillans, we can help you:
Understand what type and level of cover is right for you
Review your current insurance and identify any gaps
Integrate insurance into a broader financial and estate plan
Make sure your family’s future is as protected as it can be