Do you rely on the standard protection in your superannuation fund? The average super fund insures for around $200,000 for life insurance and often doesn’t have any income protection at all. Take a moment to think about your expenses: how much is left on your mortgage? What about school fees, car payments, bills, rates, etc. How would your family cope if you weren’t around or weren’t able to work?
When it comes to life insurance, most people need $1 to $1.5 million to maintain their expenses.
So why are so many people underinsured when it comes to income protection and life insurance? It’s simple, really: most people don’t worry about these things until it’s too late.
The best time to think about life insurance and income protection is right now! It’s always a good time to discuss protecting your future, but there are also times when it should be at the top of your list.
If you are taking on a mortgage or refinancing, then you must talk about insurance! This is the time when your insurance is most likely to fall short. And, if you never discussed your life insurance when you purchased your home, then now is the time to start.
A Financial Planner can help you understand strategies to make sure you have personal protection suitable for you. They can assess your spending so you can protect your family’s lifestyle, look at cover against increased medical expenses, assess for personal debt protection and look for policies with flexible features.
Talk with a Financial Planner on how to structure this insurance into your super to make it tax effective. In fact, there can be tax benefits if you insure in the right way. Speaking with a someone who has the ability to shop around and find the best insurance for your situation is the best way to guarantee peace of mind.
Don’t wait until it is too late, get properly covered today!
Phillip Richards is a qualified Financial Advisor with more than seven years’ experience in the industry. His expertise in investment, debt management, retirement planning and insurance will help you assess your options to build your wealth. Contact Phillip today to discuss how you can build your own wealth and plan to reach your goals.
This information is general in nature and does not take your personal situation into account. If you are interested in taking control of your wealth, contact Endorphin Wealth Management.