We need to keep our biggest assets safe, so what’s yours?
If you own a home, you might be quick to think of it. Or maybe you think your most valuable possession is a pricey car or a material possession that you spent a lot of money on. However, any of these guesses would be incorrect.
Your biggest asset, the one that allows you to afford all other purchases throughout your life, is your income.
How would you and your family cope if you stopped earning a wage? Would you still be able to pay your everyday bills and expenses? Let alone any big holiday or education costs you may be faced with?
Your income is certainly your most valuable asset, so you need to keep it safe. How? Insurance!
House, car and life insurance are the obvious ones, and are three investments that we recommend you take out. You may also elect to use a form of insurance on your mortgage.
However, it’s very important to ensure you are covered in the event of illness or injury and unable to work for a significant period of time as a result.
Most income protection insurance contracts will provide you with a monthly payment of up to 75% of your standard income while you’re not working. By taking out this coverage, you can rest easy knowing you and your family can still get by in the case of an accident.
If you don’t insure your biggest asset, you run the risk of having no income if you fall ill or get injured. Not only does this mean you’d be unable to make ends meet day to day, but you would also be unlikely to afford the (sometimes pricey) medical and rehabilitation fees that are part and parcel of experiencing an accident.
To talk about your assets, or your insurance needs, get in touch with us today and we can help put you on the right track. Our friendly and professional staff can help you gain peace of mind when it comes to protecting your income.
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.