Ensure you are Insured!
The ING Direct Household Financial Wellbeing Index was recently released by, well ING Direct. It was an interesting insight into the sentiment of Australian Households. One of the key findings from those surveyed was that 47% of Australian households fear not being able to maintain their current lifestyle. So, in a bid to preserve their lifestyle, they plan on cutting living costs. Now this got me thinking (you could hear the cogs turn!). Has this 47% who have expressed concern thought about what would happen to their lifestyle if they were to suffer an illness or injury which hindered, or stopped altogether, their ability to earn their current salary? After all, for most Australian households is it not their earnings that supports their current lifestyle? Have couples, or even singles who have children, given thought to what would happen to their children’s lifestyle if they were no longer around to provide that lifestyle? And have grandparents given thought to what would happen to their lifestyle if the unforseen were to occur to their children?
Without the right insurances in place households may find it very difficult ,if not impossible, to maintain their current lifestyle if they were faced with an unexpected life event such as cancer, stroke, heart attack, or death, just to name a few. As an adviser, I see it as my job to educate and inform people about benefits of good insurance advice. The earlier you receive and implement this advice the better! Too many times have I come across clients who didn’t see the value in insurance in their early days, and now are either uninsurable or insurable with exclusions and loadings due to health issues which have come with age. And it will happen to us all. You reach a certain age and bits start to fall off. Get the insurance advice before it gets to this stage!
If you have any questions or would like to discuss this topic further please contact our office on 07 4151 8898.
The Money Edge | Bundaberg
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.