Jun 06

How important is life insurance & income protection?

What is your most valuable asset?  Your house or your car? Or is it your ability to earn a living and look after yourself and your family?

 don’t-underestimate-the-importance-of life-insurance-and-income-protection

Australians consistently underestimate how important life insurance and income protection is to them. Why is it that approximately 85 percent of Australians have home and motor vehicle insurance but only 6 percent have income protection and 14 percent have life insurance?

What is it that makes us believe we are invincible and that life’s unfortunate events will only happen to someone else?

Unfortunately, they don’t.

None of us can see into the future. No matter what plans we make, the only thing we can guarantee is that things won’t turn out how we expected. But, just because life is unpredictable, doesn’t mean we have to sit back and wait for things to happen.

By considering life insurance and income protection, we begin to protect our most valuable asset.

Why is income protection important?

You may not be at death’s door, but illness or injury can strike unexpectedly and at any moment.

It might be a sporting injury that leaves you unable to carry out a physical task that is integral to your job, or a sudden illness. The result is the same: through no fault of your own, you end up unable to work and earn the income that you and your family need to live.

Even though work stops, the bills, mortgage repayments and living expenses don’t – you still need to buy groceries and pay for the utilities.

By arranging income protection insurance, your chosen insurer will provide regular payments to you to cover the income you’ve lost during this period.

Income protection can be especially useful for self-employed and small business owners, who can’t rely on short-term sick leave from their employers and who don’t receive workers’ compensation.

Why is life insurance important?

This probably doesn’t need too much explanation.

While we all dream of living a long and healthy life, most readers will know of people, either family or friends, who unfortunately haven’t.

There are no guarantees in life and we don’t sign any contracts to live a certain amount of years. In the event that something cuts short life’s journey, you want the assurance that your loved ones will be looked after when you’re gone.

The death of a loved one is always incredibly trying. But, if life insurance is in place, at least some of the financial burden is lifted from the family at such a difficult time.

Need to discuss life insurance and income protection?

It’s never too early to discuss life insurance and income protection. The sooner you have it in place, the sooner you can breathe easier.

But there are unique packages available, depending on your circumstances. It’s not one-size-fits-all.

There are three easy steps to go through, as follows:

  1. Meet with us so that we can establish your particular situation, assessing your assets and debts, income and expenses, business structure, and any risks if you’re self-employed. We will also assess your family makeup and support network.
  2. These exact requirements are considered before we recommend the right level of cover for income protection and/or life insurance that you need.
  3. You then receive the information you need to compare life insurance offerings from different companies and to find the most suitable package. These will take into account affordability of the recommended cover, and we may suggest reducing it in order to help you meet the cost.

It’s easy to start taking life insurance and income protection more seriously than the average Australian.

Simply make an obligation-free appointment here and let us help you protect your most important asset.