Your family’s financial security…

If you were to pass away, would your family’s financial security be assured?

If you were disabled, in an accident or suffered from a long term illness, are you satisfied your income would be protected?

If you suffered from a critical illness, are you certain you have sufficient savings to see you through?

If you answered no to any of these questions, you need to minimise your risk.

There are two ways you can do this:

  1. Save

If your asset base can support you or your family if you pass away, or become injured or ill and cannot work, there may be a case to say that insurance isn’t necessary or at least not as essential.

  1. Insure

If you are not in this position, your financial security is at risk and your risk plan should include insurance. We’ll talk about general insurance and personal insurance this week:

General Insurance

If you own a house, you should insure it and should include contents insurance. If you own a car you should insure it, preferably with comprehensive insurance. And if you have items of value, you should insure them. The level of insurance will vary company by company, product by product, but you need to make sure you seek advice to ensure that the product is right for you and the level of cover is right for you.

Personal Insurance

The idea of personal insurance is to protect your family’s assets and income to ensure they have the ability to make the best choices. There are five main types of personal insurance that should be considered in any Risk Plan:

  1. Term Life
  2. Total and Permanent Disablement
  3. Critical Illness
  4. Income Protection
  5. Health

The below information discusses these types of *insurance products and how they fit within a Financially Well Organisedä Strategy and address the issue of Risk Management.

*Prior to purchasing any insurance product, you should seek advice from an adviser authorised to provide advice under an Australian Financial Services Licence who will take into consideration your personal circumstances.

For more pointers on Risk Planning, join us next week when we talk about Risk Planning with term life insurance and total & permanent disablement.

We can assist you with all aspects of Risk Planning, feel free to call us on 07 3833 3999  for more information.