Categories

Accountant Aged Care Allied Health Andrew Bragg Annuity Apps Asic Asset Finance Asset Planning Asset Protection Asset Protection Strategies Assets Assets and Risks Ato Auction Audit Insurance Australian House Market Report Baby Bonus Bas Binding Death Benefit Nominations Binding Financial Agreement Binding Financial Agreements Body Corporate Bonds Borrowing Brexit Budget Budgeting Business Business Registrations Business Support Business Tax Deduction Business Value Capital Gains Tax Capital Gains Tax: Will Capital Protection Catherine Frost Cgt Checklists Commercial Loans Commercial Property Company Tax Concessional Superannuation Contribution Corporate Trustee Cryptocurrency Darren Foster Debt Debtors Deceased Estate Depreciation Dereen Wallace Director Director Id Divorce Economic Update Economy Emily Kermac Employees Estate Planning Executor Fbt Federal Budget Federal Election Finance Finances Financial Advice Financial Plan Financial Update Franking Credits Government Grants Gst Holiday House Home Office Hybrid Unit Trust Individual Ownership Insolvency Insurance Insurance In Super Interest Rates Investment Investment Loan Investment Loans Investment Property Investments Janet Kohan Jobkeeper Jobmaker Joint Ownership Ken Burk Land Tax Lending Life Insurance Linda Hamilton Loan Repayments Loans Lvr Margin Loans Margin Scheme Market Update Medical Expenses Mortgage Mortgage Broker Mortgage Broking Mygov Negative Gearing Offset Account Overseas Gifts Parental Leave Paris Financial Pat Mannix Payg Payg Variation Pension Practice Valuations Private Wealth Property Property Development Rebecca Mackie Record Keeping Redraw Facility Refinance Renovating Research & Development Retirement Retirement Planning Retirement Savings Salary Sacrifice Scams Self Managed Superannuation Self Managed Superannuation Fund Seminar Shares Small Business Smsf Smsf Borrowing Smsf Property Smsf Self Managed Superannuation Fund Steve Golding Steve Wildes Strategic Business Structuring Structures Subdividing Property Succession Plan Superannuation Superannuation Fund Tanya Hofbauer Tax Tax Benefits for Super Tax Concession Tax Deduction Tax Investment Property Tax Losses Tax Offset Tax Planning Tax Savings Tax-Free Temporary Full Expensing Tenants in Common Tessa Testamentary Trusts Tfe Training Transition to Retirement Trust Trusts Ttr Will Working from Home
Home » E-News » Latest News

The impact of the death of a parent on children

The impact of the death of a parent on children

Findings from a recent study [1] explored the impact the death of a parent has on children and the surviving parent, comparing the results between insured and uninsured households.

What impact does the death of a parent have on children?

The study found that the death of a parent can have wide-reaching impacts on children. For example, among the children in the study:

  • 67% took on more household tasks and chores
  • 43% reduced their involvement in social activities
  • 41% stated a worsening in academic performance.

Many children were forced to grow up faster than they would have otherwise, and unfortunately this often comes at the expense of their social lives and their studies.

It’s worth noting that the parents surveyed often underestimated the impacts on their children, so the changes are not always obvious.

The study also highlighted some worrying trends with children’s mental health, with 29% of the children studied experiencing anxiety/panic disorders, depression or abusing drugs and alcohol.

How does having life insurance help?

Among these upsetting findings, it’s heartening to see that life insurance had a significant impact in helping families cope with the loss of a parent.

The most obvious impact came from an increased level of financial stability for those families who had cover in place.

Among families without insurance, the percentage who rated their finances as ‘struggling’ jumped from 14% to 47% after the death of a parent. By contrast, among families with insurance, the percentage of families who rated their finances as ‘adequate’ increased from 44% to 56% after the death of a parent.

This financial stability had a flow-on effect to other aspects of the family’s situation. Families with life insurance were more likely to stay in the family home, increase the amount of time they spend together, and maintain childhood friendships than those without insurance.

Keeping your options open

When it’s something as tragic as the death of a parent, it’s always nice to have the financial freedom to make the best choices for yourself and your family. That freedom is why life insurance is such an important and valuable asset.

For advice and information on life insurance options contact the Paris Financial office on 03 8393 1000.

 

[1]  ’Impact of parent’s death on the family’ – Research conducted by Ipsos, prepared for ANZ Global Wealth, June 2015 

Source:OnePath


Tags: Insurance | Life Insurance |