INSURANCE ADVICE

Safeguard your future

Even the best wealth creation strategies can be ruined if they’re not supported by a back-up plan.  Building your financial strategy without adequate protection is like building a house without laying foundations.

It makes no sense to build wealth and not protect it. Don’t be the person who thinks it’ll never happen to them. If you died or were unable to work who would:

- pay the mortgage or rent for your family

- support your family

- support you?

There are several different ways of protecting your money, and the strategy you need depends on where you are in your life. You might want to protect your income, your ability to earn, or the nest egg you’ve built up, and ensure that your affairs are in order should the worst happen.

How to safeguard your future

Putting the right protection (insurance) in place

Your insurance needs will change as your life circumstances change, so you should review your cover at least annually. For example, through your life you’ll gather assets and liabilities and may have dependants, so your need for insurance will increase. As you get older you’ll accumulate more assets, pay off liabilities and your children will leave home, so the types and amounts of insurance you need will likely decrease.

If you’re not adequately protected then a significant event such as ill-health, injury or death can mean that emotionally traumatic times for your family are compounded by financial strain.  Conversely, if you happen to be over-insured you could be paying premiums for no end benefit.  Ownership of your insurance (eg maybe by your superannuation fund) is an important consideration too.