Weak Links In The Chain

Protecting your most valuable assets to your family needs to be a part of your overall financial plans.

While we typically protect against natural disasters to our house, or collissions to our car, not enough Australians protect their ability to earn income.

Take this example, if you're 45 years old, earn $80,000 per year and intend to retire at age 65. Even without salary increases, your income ability to the family will be over $1.6m.

It's likely that this is worth more than your car, and maybe even your home and super.  Yet many people have their home and car insured, yet not their own ability to earn income. It's often a similar story for life insurance.

Both are a means of cost effectively transferring the risk of either dying or being unable to work for the rest of your life, from your family, to a large insurance institution.

Structured correctly, it's likely that most of the cost can be tax deductible.

Your personal insurance should also be reviewed on a regular basis. This means that the amounts are tailored as your needs change, and believe it or not, can also prevent being over-insured (which can happen for income protection policies).

If you would like us to utilise our comprehensive market analysis software for your personal insurance recommendations, please contact Tracey or David on (02) 9525 0777.