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You know you need life insurance. Your loved ones depend on your income, and in the event of your death, losing that income would only make a terrible situation worse. Maybe you've already bought a life insurance policy. The question is: do you have enough life insurance?

Your income is the biggest determinant when it comes to buying the right life insurance policies. Insurance experts have long recommended that you purchase a policy that guarantees your family your yearly salary for 15 years. So, if you earn $40,000 per year, you should purchase a policy that is worth $600,000. If you figure for inflation, add 5% to the total. Of course, the source of your income will affect your insurance needs; if you are nearing retirement, and part or all of your income will come from retirement benefits or investments that will cede to your loved ones after your death, you may not need as much life insurance as a person who is years from retirement.

While a policy that covers your income for 15 years is the best route, you may need more or less insurance, depending on other aspects of your family's life. Figure in how the following factors will affect the income your family needs:

A person with two teenaged children has different life insurance needs than a person with three small children, or a person whose children are grown. When shopping for life insurance, keep the next 15 years of your family's growth and development in mind. One thing to consider is the cost of educating your children. As you probably know, the cost of a university education is often beyond the financial abilities of many parents. While you may have had time to develop a university savings fund for older children, that may not be the case for younger kids. As the costs of attending university grow, providing for children who will be attending university in 5 or 10 years will be vastly different. Your financial planning should reflect that difference.

If you owe significant debts, especially on a family business or the home your family lives in, your life insurance policy should be sufficient to pay off those debts, or your family's home, livelihood and financial stability is at risk. On the other hand, if you are debt free, your family may need less income to stay financially sound after your death.

Unless you've made other financial arrangements for your final costs, your life insurance policy should include enough to cover the costs associated with your funeral and burial.

Choosing a life insurance policy that's right for your family's needs can be overwhelming. An insurance agent can help you with this decision, but you can also use web-based tools offered by insurance companies to get an idea of how much insurance you need and what the costs are.

Australia’s Credit

Much has been in the news lately about countries who are near defaulting or have already defaulted. Australians may take comfort in the fact that the credit rating for Australia with the three major ranking agencies is very good:

AAA with Standard & Poor’s as of February 20, 2012
AAA with Fitch as of November 29, 2011
Aaa with Moody’s as of August 5, 2011

Some other statistics are relevant to Australians and may have an impact on how well the country is doing. The population, as of 2000 was slightly higher than 19.1 million. By 2015, it is expected to reach over 21.9 million. These figures were gathered from the web site http://www.photius.com/rankings/world2050_rank.html and their source was the United Nations Population Division.

Fifteen-year-olds were tested for efficiency in reading, mathematics and science. Australia ranked sixth in reading, ninth in mathematics and fifth in science among all countries tested. The web site reporting was http://www.geographic.org/country_ranks/educational_score_performance_country_ranks_2009_oecd.html. According to this web site, “(the rankings were) reported in OECD’s Education at a Glance 2009”.

The solvency and soundness of banks in Australia gained a score of 6.6 with the most sound being 7. Australia tied for second with New Zealand. The web site is http://www.photius.com/rankings/soundness_of_banks_2009_weforum.html and the ranking came from the World Economic Forum, Geneva, Switzerland.

Personal Credit

Each person is responsible for their credit history. The approach taken in gathering Australian information is unique to Australia. VEDA Advantage is the credit reporting bureau in Australia. Credit information begins to accumulate when the first application for credit is entered by a person. Credit reporting in Australia is unique for several reasons:

* an empty credit file is good
* paying on time to a lender is not reported
* defaulting on any reportable obligation may stay on the file for up to seven years
* blotting a credit history can only be erased by time

Relevant personal history is kept on the credit file. This includes address and telephone number. It also includes employment history. These are only updated, however, when a reporting firm adds information and so may contain gaps.

Protecting the credit reporting for consumers is important in Australia. Part IIIA of the Privacy Act places a wall around the reporting of credit and will only allow legitimate activity to get beyond that wall and be reported on a credit file. This act is important for the consumer to be knowledgable about. Information here may determine how a consumer can challenge items recorded on their credit file. Information about this act can be obtained at http://www.privacy.gov.au/law/act/credit.

Keeping credit from blotting begins at a very early age. Many young people are internet-wise in today’s world. Educating a young person about what goes on their credit file and how to keep it clean will alert them before they make even one mistake. Whilst a person is 15, their credit history may not seem important to them, but if they know it may follow them until they are 22 and beyond, they may become more concerned. Good habits are learned at an early age and are vital to becoming an adult with a good credit report.

If more information is needed to clarify your credit file, try here. There are many mistaken ideas about credit, but knowing what is on your personal credit file is important to you. Visit here for more information.