For close to four years, Helen had benefited from a life insurance package through her employer. But when she left the role, it was time to rethink her options.
Her children were pretty much grown up, with the youngest three aged 18, 20 and 21. But raising them as a solo parent, she knew that should something happen to her, the girls would be left in financial difficulty.
After looking at options with her adviser, Helen decided on a solution that could provide assistance for her children, while being achievable within her budget. She took out a policy with Fidelity Life for five years, with a total life cover of $60,000, with her three daughters as recipients.
Helen opted for five years of cover, viewing those years as a crucial time for her daughters as they set themselves up for the future – with study options and first jobs.
"Should anything happen to me, this means there is some financial assistance in place for my three youngest. One is still in tertiary study and they’re all just starting out so it will give them some financial backing, if I’m not here to help."
Helen says she has talked openly to the girls about the policy and how the money would be used.
"They understand the cover is in place. I don’t have much additional budget for insurance but the cost of the premium is really very little to me, but the value it gives them is really worth it – a helping hand should anything happen to me."
"Really it’s just a few cups of coffee a month to me, but provides so much more for them."
Photo: Helen (second from left) with her mother and daughters
For information and advice about affordable life insurance options to protect your loved ones, please contact your financial adviser or call Fidelity Life on 0800 88 22 88.