To work out the correct amount of insurance cover you need, you will have to calculate how much money your family would need in order to maintain their current standard of living if you were no longer around.
A simple way is to make a checklist of what you need covered:
What do you need?
* Liabilities to Clear
* Future Expenditure Required
* Future Education Expenses
* Medical Costs/Recovery Income
* Funeral Costs
What do you have?
* Disposable Assets
* Continuing Income (PV)
To have the retirement of your dreams, you must plan ahead. The bonus is, the sooner you start thinking about your retirement life, the better opportunity you have of making those dreams a reality.
The tax impacts you need to know with divorce and relationship breakdowns including some of the areas that may impact you and where you may need assistance for your SMSF, Trusts and Estate Planning.