You wouldn’t embark on a road trip without using your seatbelt. You wouldn’t leave your savings lying around an unlocked house. You wouldn’t leave your car in public with the keys still in the ignition.
I know these all seem obvious, but it brings us to ask, “so why would you go without insurance?”
Protecting yourself and your family is paramount, but there’s only so many precautions we can take and unfortunately, accidents do happen!
- Look after everything if you’re unable to work
- Get you back on your feet if you’re injured or ill
- Protect your family if you are taken from them
With benefits like this, taking out your own insurance seems like a no-brainer – yet this 2017 article found that 38% of Australian families still don’t have it! So, what do you need to do if you’re not sure you’re fully covered?
Read the fine print
Many super funds provide full cover for death or permanent disablement, but measures to protect the temporary unable to work due to injury or illness aren’t always included. This is why income protection – the right income protection – is so important.
It should pay you up to 75% of your regular income and give you the chance to maintain a reasonable standard of living. Be sure to read all the inclusions and fine print because it’s not worth it to be paying for insurance that isn’t right for you!
Assess your needs
When it comes down to it, you can’t afford to have no insurance. One in five families will be affected by a death, accident or illness that affects the household’s income at some point. In these cases, it’s often one of the parents’ who suffers and is unable to work, and the family stands to half or more than their regular income as a result.
It’s clear you need some form of protection, but every family is difference and it’s safest to sit down with a financial adviser and assess what you need to insure and what options are best for you.
For more information on insurance, or to chat with one of our expert team members, get in touch with us today!
Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX Participant. AFSL No 240837. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial planner.