Most people don’t think about the impact to their retirement plans if something happened, particularly to their son or daughter’s partner. Who would be helping with the grandkids when their children are at work?
Sadly it’s a predicament that some people are forced to face.
What can be of help is for the grandparents to pay for income protection, trauma and life insurance for the parents of the grandkids.
Typically the cost is very reasonable primarily due to the children’s age. It gives the grandparents peace of mind that if something tragically were to happen at least they will be much better prepared and can assist financially in managing the domestic affairs.
If you would like to discuss this strategy in more detail, please contact one of the specialists in the Morrows Private Wealth team – Allison Hyland, David Alcorn or Jonathan Swanton.
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