Most people do not want to talk about Life Insurance because they either:

i don’t understand it

Simply put, insurance is money that is available at a time when a serious event happens to you. In the case of Life Insurance, this is when you die or suffer a serious disablement.

Life Companies have products that supply money when the above events occur. They are:

i can’t afford it

Priotise the importance of your assets. For example:

But a car does not appreciate in value and it costs considerable amounts to insure it.

 

But for every house lost through fire, 48 are lost because the breadwinner lost his/her income.

 

The real question is if you did not have this income, would you be able to buy the car or the house?

it won’t happen to me

Each week in Australia:

If you use insurance, you transfer the risk to a Life Company for a premium. If you do not, the risks are the same and all you are doing is self-insuring which means that your saleable assets and savings will provide the cash you need.

At elliotts accounting, we offer a review service to assess the health of your protection plans. Please call us for an obligation free review.

This article was contributed by Allen Schasser, Joint Venture Partner. Authorised Representative of Millennium3 Financial Services Pty Ltd