INSURANCE – you know you cringe when you hear that word. You think about paying something that you may never get anything for and if you do you still have to fight for it and pay an excess.
Let me point this out. I would suggest that 99% of us insure our cars with comprehensive insurance to cover us from an accident. Lets also assume a medium valued car of $50,000.
I would also suggest that 99% of us also insure our house and the contents within it. Now that could be at a rebuild cost of say $350,000 + $100,000 contents. We do this because our mentality is that our home is our biggest asset.
Very few of us however actually do insure our biggest asset. OURSELVES. We can’t put a value on our life. We never stop to think about what might happen to our family after we are gone. Who will cover the mortgage payments and have enough money to educate the kids. The best part about life insurance is that it can be paid for from our Superfund. So the excuse I can afford it, is not relevant at all as your 9% contributions are covering your family.
Another insurance you wouldn’t have thought about is income protection. If you are a one income family how can you afford not to have income protection. If you are sick or injured and can’t work, how will the mortgage, food and other bills be paid. SIMPLE, get income protection that will pay you up to 75% of your income.
I know most of us have a ‘positive’ outlook and always try to look on the bright side, but the simple factor remains that things do happen and normally at the worst possible time. It is never to early to get your affairs in order. This also includes getting a will. Do you know that if you have a will but haven’t stipulated in there where your super monies are to go and you haven’t had your affairs reviewed and the beneficiaries of your superfund haven’t been listed, then your super has nowhere to go. More likely it will go to the Government, where your loved one will have to track it down. You can save them this grief by simply getting your affairs reviewed and in order.
I would urge everyone to check their policies NOW. If you need help call a professional like ourselves and we can guide you through the process. Please don’t put this on the list of things to do, make it your only thing to do.