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  • Rachael Ooi

Do you insure your car but not your life?

In society today, we all have the expectation that we will insure objects of value. When you purchase a car or a home, you will take out insurance cover in case of accident or theft. Insurance is an expectation and whilst the average person may begrudge paying the premiums they still pay it to make sure the possession is protected.

Alvin Balemesa


So why do we place such value on the objects that are replaceable in our lives? What would happen tomorrow if your car was stolen? Sure, it would be inconvenient, you might even feel violated but at the end of the day you could replace it. What would you do though if you were unable to work due to accident or illness for the rest of your life?


Did you know your ability to earn income is the greatest asset you own?


  • If you earn an income of $60,000 per year indexed (at 2.5% inflation), you will earn $2,634,162 over 30 years.

  • If you earn an income of $100,000 per year indexed (at 2.5% inflation), you will earn $ 4,390,270 over 30 years


Now that is a lot of money, right?! Where would you get that from if you couldn’t work?

Did I hear you say from the government? Oh, of course the disability support pension is available, a total of $466.70 per week, this totals $24,268.40 per year. This is not a lot of money to live on and especially given you could have extensive medical costs and costs associated to getting to and from medical appointments and these are on top of your already existing expenses.


Have the days of the door to door salesman selling life insurance (insert tacky American accent here) wearing a tie, short sleeve shirt and teeth that have been over whitened, ruined the reputation and lost the importance of what life insurance cover is essentially designed for? Like the impression of a used car salesman, has this stereotype tarnished what is a vital part of your wealth protection!


So why are we so funny about paying for life insurance premiums and why do we feel that Life, Total and Permanent Disability, Crisis Cover, and Income Protection cover are not a necessity? I wonder if this is because there is nothing tangible that can be seen? What if you were to change your perception on this... I challenge you to look at the home you live in, the car you drive, the restaurants that you frequent and the education your children receive, would you be happy to live without these things for you and your family? These things are tangible, you are insuring your lifestyle.


Put aside the tacky mid-morning advertisements for insurance that require no upfront medicals and the perceptions you already have about insurance and understand all the differences within cover. Maybe you need to consider your life insurance cover, you probably already have some in your super, but is it enough? Reviewing your life insurance to ensure it meets your needs, may provide you benefit at a time when you may need it most! It may be the best decision you ever make.


If you have never given much thought to your life insurance or worse still if you consider cancelling what you already have, look around at your lifestyle and consider what that might look like if you had to live on solely on $466.70 per week.


Call us at Your Wealth Consultants to book your first complimentary appointment (conditions apply) to discuss how much cover you need and how to ensure that your family and lifestyle has adequate protection.


Phone Number: 07 32118600

Email: Stacey@yourwc.com.au

General Advice Warning: 

The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.

 

Disclaimer: 

Whilst Your Wealth Consultants is of the view the contents of this website is based on information which is believed to be reliable, its accuracy and completeness are not guaranteed and no warranty of accuracy or reliability is given or implied and no responsibility for any loss or damage arising in any way for any representation, act or omission is accepted by Your Wealth Consultants or GPS Wealth Ltd or any officer, agent or employee of Your Wealth Consultant or GPS Wealth Ltd.

Your WC Group Pty Ltd, trading as ‘Your Wealth Consultants’ & ‘McMaster Heathfield Wealth Advisers’, is a Corporate Authorised Representative (#1260416) of GPS Wealth Ltd | AFSL 254 544 | ABN 17 005 482 726 | www.gpswealth.com.au

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