You’re focused on building wealth and financial security as your family responsibilities ease.
You’ve worked really hard so your family can enjoy the good things in life – a great home, a good education, fun holidays and more. You’re now focused on building wealth and financial security as your family responsibilities ease.
If you’re like most Australians, you’ve spent lots of time and effort thinking about how to create the lifestyle you love, but little time thinking about how you’re going to protect it. And it does need protecting.
Take a moment to consider what would happen in the event that you or your partner became seriously ill or disabled and couldn’t work. It could ruin all you’ve built.
- Would you sell the family home?
- Do you have enough cash available to cover medical expenses and maintain your lifestyle?
- Would you be willing to sell other investments regardless of market conditions?
- Would your family or friends be in a position to help?
- Would your plans for your children’s education be put in jeopardy?
What next?
It pays to do the simple things first. Start by checking out how much Life Insurance your super currently provides and what scenarios you can claim. Then ask yourself how much you’d need to preserve your current lifestyle and whether you’re happy that your super’s cover is broad enough, for example does it provide Income Protection Insurance in case you can’t work for a period of time? Do you have Trauma Insurance in case of serious illness? Remember, chance is best left for the casino. Real life requires real protection.
- Take a minute to check your super fund to find out what your current levels of cover are.
- Check out the Lifewise insurance needs calculator. It'll provide you with an estimate of your insurance needs in a matter of minutes. But remember, this is only an estimate.
- Talk to your family and friends about it or seek advice from a professional financial planner.
Keeping up the good work
It’s important to remember that your insurance needs change as your circumstances change. You may already be well covered but make sure you reconsider your insurance when you upgrade your home, buy a holiday house, launch your own business or substantially alter your obligations in any other way.
Hear from other just like you
Kevin and Lisa’s whole life took and unexpected turn in August 2007 when at age 59, Kevin was diagnosed with prostrate cancer.