In 2008 an Australian study commenced to better understand the impact on children of the death of a parent. These findings affect 1 in 20 Australian children under the age of 16. Some people have a tendency to avoid having a conversation about life insurance partly because they feel it’s a difficult conversation to have with their partner and partly because they’re not sure what options are really available to them.

1. sapience.com.au 2

2. She’ll not always be
right mate…sapience.com.au 3

3. In 2008 an Australian study
began to better understand
the impact of the death of a
parent on families.
There were
5 key findings
sapience.com.au

4. “She’ll be right mate…”sapience.com.au 5

5. Australian’s are known for an
often playful attitude and
overly positive outlook. The
phrase ‘she’ll be right mate’ is
our way of saying …
‘whatever might be wrong will
fix itself and while not ideal,
it’s probably good enough’.
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6. You can view this attitude as
either being optimistic or
apathetic …
… but you can’t ignore the fact
that the way you see things as a
parent has a tremendous impact
upon your children and their
future.
View
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7. The research taps into some
important topics that every
parent should consider when
weighing up the importance of
having life insurances and estate
planning in place as part of their
family backup plan…
Research
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8. … It also identified that many of
the negative consequences
surrounding the death of a parent
could be lessened or even
avoided, by simply using life
insurance as part of the family
protective structure.
Research
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9. Our message is …
Parents need to talk about what
will happen to their family if the
unexpected happens and one of
them is not around and to have
a backup plan in place
Message
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10. Keyfindings
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11. There are 5
significant areas
for families to
consider…
Message
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12. 1
“It all happened
so suddenly…”
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13. You don’t always get time to
prepare when you lose a loved
one. When you have family and
financial responsibilities, its
important to get your affairs in
order – including your Power of
Attorney, Enduring Guardianship,
Guardians for minor children and
of course your Will.
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14. • 63% of respondents had less
than a week’s warning prior
to the death of a parent
• 43% only knew of the death
of the parent after it had
happened
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15. 2
“Our lives changed
dramatically…”
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16. • 1 in 3 moved house as a
result of increasing financial
pressures within two years
after the loss of a parent
• Half of those surveyed (56 %)
remember going on fewer
family outings
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17. 3
“I had to grow up
quickly…”
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18. Children often had to take on
greater responsibility in the family
home as a result of losing a parent
– including more housework and
more time looking after siblings.
Many reported feeling forced to
grow up extremely quickly and fill
the roles of the missing parent.
sapience.com.au 21

19. • 73% of children took on
more household tasks and
chores
• 35% took on more
responsibility for paying bills
and started part-time work
or left school
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20. 4
“It hindered my
education…”sapience.com.au 23

21. The research found that more
than three quarters (78%) of
children who had to change
schools said their academic
performance suffered as a result
– which then hindered their
confidence and prospects with
further study and employment.
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Research

22. • 78% of children had to change
schools due to financial
pressure said their academic
performance suffered post
parental death
• 54% of parents who lost a
spouse said they wished they
were able to provide their
children with more educational
opportunities
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23. 5
“It affected my
health…”
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24. The research found a link
between the death of a parent
and growing mental health issues
in children, with around half of
the children being diagnosed with
clinical depression.
Three quarters of children who
changed school experienced
depression, anxiety or panic
attacks.
sapience.com.au 27

25. • 1 in 2 children were
diagnosed with clinical
depression post parental
death
• 75% of children who had to
change schools due to
financial pressure suffered
from depression, anxiety or
panic attacks
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Facts

27. • More than half (63%) of families had less than a week
warning prior to their spouse or parent dying.
• 1 in 3 families moved house as a result of financial
pressure within 2 years after the loss.
• Almost half (48%) of the children said their academic
performance worsened after their parent died.
• Over three quarters (78%) of children who had to change
schools due to financial pressure, said their academic
performance suffered post parental death.
• 1 in 2 children who lost a parent have suffered from
clinical depression - this number increased to 69% when
children had to change.
• 78% of those families who didn’t have life & sickness
insurance as part of their family back-up plan agreed that
in hindsight it would have helped significantly if their
parent/partner had cover in place.
Summary
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28. The research highlights the vital role played
by life insurance in helping a family pick up
the pieces.
With the right level of life insurance cover,
parents are better able to provide the
ongoing financial support a family needs in
the event of sickness or death. That could
include paying off the mortgage, staying on
top of household bills, paying long-term
education costs and giving children the best
chance of getting on with their lives.
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Tip

29. Consider
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30. Have a backup
Plan in place
for your family,
please
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