Most people wouldn't dream of taking their car on the road without car insurance, or living in a house without home and contents insurance. But when it comes to taking up insurance to protect their life or income, most Australians act indifferently.
Common reasons for not taking up insurance are a lack of knowledge, a belief that insurance is too expensive and the age-old ‘it won’t happen to me’ mentality.
If this sounds like you, it’s worth taking a moment to consider your insurance needs. The peace of mind this will give you is well worth the effort.
If you already have insurance, then you’re on the right track. Just check that your insurance policies are current, that you understand what you’re covered for and that it’s adequate for your needs today.
If you’re new to insurance, it may seem complicated. There are all sorts of different products, acronyms and official-sounding terms.
Death (Term life)
Total & permanent disablement (TPD) cover
Income protection (Salary continuance) cover - provides you with a regular monthly income if you become temporarily or totally disabled because of illness or injury and are unable to work and earn your income.
Critical illness (Trauma) cover
Business expense cover
Value is relative and depends on what is important to you. But when you have dependants, it’s hard to argue that the right insurance cover is anything but money well-spent. Besides, insurance doesn't have to be exorbitant. By finding the cover that best suits your needs; you should be able to structure your insurance cover so that your premiums are well within budget.
Consider the cost of not having protection and the effect it can have on your family, lifestyle and future plans.
You might think ‘I don’t need to worry, I’m fit and healthy’ but with the incidence of life threatening or debilitating health conditions on the rise, you may think again after considering the following leading causes of death (and disability) in Australia.
1. Heart disease
3. Dementia and Alzheimer's disease
If the thought of understanding insurance and what’s right for you seems daunting, then consult the services of insurance specialists.