Protect
Any good financial plan includes protection of your assets so that you can continue to build towards your financial goals even if you suffer some misfortune along the way.
What are the chances?
Cancer accounted for 29% of all deaths in Australia in 2007.1
By age 75, 1 in 3 Australian males and 1 in 4 Australian females can expect to be diagnosed with cancer.1 Skin cancer is of particular concern in Australia. Please click here to read an informative article on how to protect against and to recognize skin cancer.
A stroke occurs in Australia every 10 minutes.1
In any one year, up to 1 in 5 Australians experience a mental health problem. Of these, 43% also have a physical illness.2
Injury is the leading cause of death for Australians in their first half of life.1
Click here to see real-life claims made by clients of Total Financial Solutions Canning Vale – it can happen to you!
Do it sooner rather than later
95% of Australian families aren’t adequately insured3, which means if the breadwinner becomes ill or dies, they can be left to rely on government assistance. Please click here to read an article on why the government’s Disability Care is no replacement for life insurance. Insurance isn’t just for people who have partners and children either. If you are young, fit and single, insurance can pay for your care if you are injured or become seriously ill.
Taking out insurance when you are younger can also make good financial sense. Policy costs increase as you get older, so it might be possible to lock in more affordable rates when you are young and healthy. Plus, if you take a policy out when you are strong and in good health, it remains in place if you become ill or difficult to insure.
Risk insurance is a minefield. There are many issues to consider and different options available e.g. level versus stepped premiums, cover inside and outside of superannuation, agreed and indemnity levels of cover.
Seek specialist advice to help you understand all of the issues as they relate to you so you can make a fully informed decision.
1. ‘Australia’s Health 2010’ – Australian Institute of Health and Welfare, May 2010
2. www.beyondblue.org.au April 2009
3. Lifewise/Natsem Underinsurance report Feb 2010