Insurance, A Same Sex Couple?s Best Friend

For couples that rely on the salary of one or more partner to run the household, life insurance is an absolute necessity. The amount of life insurance depends on your lifestyle?if you have children, if one of you has medical issues or a disability, if one of you is currently pursuing higher education, etc. There are other factors to consider as well, such as the cost of a funeral, and legal expenses.

Despite the reforms in Australian law, same-sex couples will undoubtedly incur even more expense with respect to inheritance. Because ?de facto? couples are not granted the same inheritance rights as married couples, you will have to jump through a few more hoops in order to ensure that your property and assets are passed down as you intended. And, even in the most supportive extended families, wills can be challenged in court, which can be a costly and emotionally draining experience. Do you have enough life insurance to cover the added expenses of a challenge to your partner's estate in the event of his or her death?

Same-sex couples benefit from acquiring additional types of insurance to secure their individual, joint, and family finances. Disability and long-term care insurance are useful for all couples regardless of sexual orientation, but for same-sex couples who may not be eligible for family leave to care for an ailing loved one, these types of insurance can prove vital. Disability insurance subsidises your income when you are unable to work due to an injury or prolonged illness, and for a period of time after giving birth. Long-term care insurance covers part or all of the cost of hiring caregivers for the insured while they are living in the home, which can be very expensive.

After experiencing a loss, or during a medical challenge, the last thing you need is financial stress. The right type?and amount?of insurance will ensure that you and your family are able to weather the storm comfortably.