Dec 01

Life Insurance and Income Protection – Are You Under or Over Insuring…

How do you decide what is the right amount? 


It’s the age-old insurance question - how much is too much insurance and what is too little?  


Unfortunately, many Australian families will only find out when it’s too late. We are inundated with reports of mass over-insuring, insurance rip-offs and the sorry tale of those who were under or not insured. 


Being realistic about how much cover you need and how much cover you can afford is difficult. You can go online and fill out a bunch of automated insurance calculators or do a tick-the-box survey and send some information off only to be shocked by the outcome and scared off by the process. 


1 in 3 Aussie Families are Uninsured 


You can see why many put insurance in the ‘too hard basket’. It is estimated that 1 in 3 Aussie families are uninsured. 

The stats behind those stats are even more alarming with an estimated 1 in 8 Australian parents having experienced a financial burden after having a loved one pass away with little or no life insurance cover. 


There are so many things to consider if you are looking to sort out your life insurance and income protection. You might be starting from scratch, consolidating a mixture of insurances or updating your insurance with your circumstances. 


Navigating the Insurance Minefield 


Insurance is a minefield with so many variables to navigate. There is no one-size-fits-all policy and your insurance needs change as constantly as your life does.  


Having someone there to guide you through the process with professional knowledge and understanding of your full circumstances is an important place to start with all insurance matters. 


The Art of Assessing Your Insurance Needs 


When we meet with you to discuss insurance, our first step is to establish the entire picture of your needs. This involves all aspects of your particular circumstances including 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 which is an important aspect to consider. These exact requirements are considered before we recommend the right level of cover for income protection and/or life insurance that you need. 


From there you will receive the information you need to compare life insurance offerings from different companies and to find the most suitable package which will take into account affordability of the recommended cover. We can provide you with options on how you can reduce costs to help you meet them.

 

Protect Your Most Important Asset…YOU! 


At MBC, we pride ourselves on guiding you through the task of getting the right insurance in-place to make your life easier now and into the future. Don’t put protecting your most important asset into the too hard basket. Make an obligation-free appointment with MBC today to look at the options that will be best for you.