Insurance for every life stage
It’s a good idea to regularly revisit your personal insurance to make
sure it’s giving you the level and type of cover you need at your specific stage
of life. Here are some things worth considering to make sure you and your
family are protected.
Recent research shows that Australians are
largely underinsured, with the median level of life cover meeting only 61% of
basic needs.[1] Part of
the problem may be that we tend to ‘set and forget’ our insurance – even as our
circumstances and responsibilities evolve throughout our lives.
That’s why it’s so important to regularly
review your cover to make sure it’s working to protect your lifestyle, loved
ones and financial goals. Here’s what to consider as you move through different
life stages.
Young and single
While you may not be thinking about life
insurance when you’re young and healthy, there are still the risks of injury
and illness. What’s more, an extended period without an income can do serious damage
to your finances. So, if you’re away from the office for longer than your sick
leave allows, you’re going to need a safety net.
Which
insurance is for you?
§ income protection
§ trauma insurance
§ TPD (Total and Permanent Disablement) insurance
Young couple
Consider how your lifestyle would change if
you were left without an income – for example, you might not be able to save
for a house deposit or keep up with your mortgage. And if you were off work for
some months, you’d still need to keep up with regular living expenses and loan
repayments, ideally without eating into your savings.
Which
insurance is for you?
§ income protection
§ trauma insurance
§ TPD
§ death or accidental death insurance
Family with kids
Once you have kids relying on you, your
financial responsibilities increase. Your income is a vital asset: you need it
to manage debt, stay on top of bills, pay your children’s school fees and keep
up with other necessary expenses. That’s why it’s worth taking the time to get
your insurance sorted – so you can make sure your family’s lifestyle is
protected.
Which
insurance is for you?
§ death or accidental death insurance
§ trauma insurance
§ income protection
§ TPD
Mature and independent
If you’re single and enjoying life, your
income is key to the lifestyle you cherish – so it makes sense to protect it
with a financial buffer. That way you’ll be covered against accidents or
illnesses that could take you out of the workforce for a while. Or, if you’re
raising children, you’ll also want a financial safety net that ensures they’ll
be taken care of, even if something happens to you.
Which
insurance is for you?
§ death or accidental death insurance
§ trauma insurance
§ income protection
§ TPD
Retired
With your children grown up and
independent, your financial responsibilities have started to ease – but that
doesn’t mean you should forget about insurance. Because you’ve spent so many
years building up a nest egg for your retirement, it’s important to protect it.
A serious medical event could still impact your finances, so get the right
cover in place to ensure your ongoing financial wellbeing.
Which
insurance is for you?
§ death or accidental death insurance
§ trauma insurance
Need more guidance?
Remember, your financial adviser can
help you make sure you have the right level of insurance cover. They’ll work
with you to understand your situation and recommend insurance solutions to
better protect your financial future.
For more
information
Speak to us if you would like to
understand how this information might impact your financial situation.
Ridgway Financial Services
101 Neil Street,
Toowoomba QLD 4350
P 07 4688 9111
F 07 4688 9199
E count@ridgwayaccounting.com.au
W www.ridgwayaccounting.com.au
101 Neil Street,
Toowoomba QLD 4350
P 07 4688 9111
F 07 4688 9199
E count@ridgwayaccounting.com.au
W www.ridgwayaccounting.com.au
Important
information
Ridgway Financial Services are authorised representatives of Count Financial. This document contains general advice. It does not take account of your objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision. This document has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232 (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count Wealth Accountants® is the business name of Count. Information in this document is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count Financial, its related entities, agents and employees for any loss arising from reliance on this document. Count Financial is registered with the Tax Practitioners Board as a Registered Tax (Financial) Adviser. However your authorised representative may not be a Registered Tax Agent. Consequently, tax considerations are general in nature and do not include an assessment of your overall tax position. You should seek tax advice from a Registered Tax Agent. If you do not wish to receive direct marketing material from your adviser, please notify your adviser by email, phone or in writing.
Ridgway Financial Services are authorised representatives of Count Financial. This document contains general advice. It does not take account of your objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision. This document has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232 (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count Wealth Accountants® is the business name of Count. Information in this document is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count Financial, its related entities, agents and employees for any loss arising from reliance on this document. Count Financial is registered with the Tax Practitioners Board as a Registered Tax (Financial) Adviser. However your authorised representative may not be a Registered Tax Agent. Consequently, tax considerations are general in nature and do not include an assessment of your overall tax position. You should seek tax advice from a Registered Tax Agent. If you do not wish to receive direct marketing material from your adviser, please notify your adviser by email, phone or in writing.
[1] Rice Warner: Australia’s relentless
underinsurance gap, September 2016.
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