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)
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.