Protecting your family has just become more rewarding...
PROTECTING YOUR FAMILY HAS JUST BECOME MORE REWARDING...
We live in a world of instant gratification.
Where you can order take-away, book a holiday or even find a date for Saturday night - all within a swipe and a tap on your phone.
Living in the moment is a beautiful thing. However, when it comes to financial planning, it is important to think ahead.
Life insurance puts you in control of how you want your legacy to live on. Put simply it spares your family the stress of
affording funeral expenses & pay the bills after you are gone.
As we reiterate to each of our clients,
if you were injured, ill or pass, you have the choice as to how you leave your family financially:
Better off, the same or worse off.
We have written countless articles on protecting your family, however it is not the sexiest subject to talk about and most do not like bringing it up at all until it is too late.
Protecting your family has just become more rewarding
Insurance is important.
Insurance is boring.
Insurance can be expensive.
However, with the right structure, you can ensure you protect your family without significantly affecting your personal cashflow.
What’s more, our client’s can save up to 20% on their life insurance premiums simply by making healthier choices.
Furthermore, insurance companies are now offering health & wellbeing programs, which is designed to encourage you to make small changes to your lifestyle to slowly improve your health over time.
In a similar sense to how your car insurance works – when you make no claims – you are rewarded with more competitive premiums on your car insurance.
Insurance companies want you to be healthier so you continue to pay your insurance premiums whilst reducing the risk of you making a claim on your policy.
This program does not only offer premium discounts, for those that continue to make healthier choices & stay active, they are rewarded.
Self Insure (Crowdfunding) or Pass the risk on (Insurance)
We have witnessed many times, people using “crowdfunding” as self insurance.
We have all seen the posts and cries for help when an unfortunate event or illness occurs.
However, many are turning to crowdfunding pages like GoFundMe for medical costs & funeral expenses to honour their loved ones.
Crowdfunding usually isn’t a family’s first choice to pay for final expenses. Often, the circumstances are tragic and unexpected. Many times, donations are collected because the deceased didn’t have life insurance.
Crowdfunding in Australia
Research has found almost 4/10 Australians (almost 6.5 million people) have donated to crowdfunding causes to support those without insurance
The average campaign raises just $4,578 - this is significantly less than what’s needed to financially protect those impacted.
The average cost of a funeral in Australia is $10,000
Alarmingly 6/10 Australians with dependants do not have enough life insurance to look after their loved ones, to cover; A funeral, Ongoing living costs & Repayment of mortgage
Many of our clients choose to take control of their future and ensure they are spared the embarrassment of begging for donations to support their families.
When speaking with our clients about protecting their families, there are generally two options to consider
You can look to self insure - where you take on the entire liability of any injury, illness or passing. For those who look to self insure for an unfortunate event, many do not have adequate savings to meet the associated costs when such an event occurs.
Alternatively you can look at passing this risk on to a third party, an insurance company, whom you pay a premium to each year. If an unfortunate event occurs, you will have sufficient capital to support you and focus on your recover/health or your family will have the opportunity to grieve without the financial stress of worrying that they have to return to work. You will not have to go out in the community, to friends and family seeking handouts.
Crowdfunding might help to foot part of the bill - however life insurance is reliable and is an affordable way to plan for the future. In some cases, our clients decide to hold their life insurance through superannuation, to ensure it does not affect their personal cashflow.
The cost of inaction = $206,729.57
Recently we met with a self employed tradie who did not believe in insurance due to his past experiences.
A few weeks after declining our offer to get him sufficient insurance cover to protect his family, he suffered a heart attack on site.
He was in hospital for 8 weeks and still has a long road to recovery in front of him.
As he is self employed, his income has stopped.
His clients are going else where to get their jobs done and the value of his business is diminishing.
He still has a mortgage to pay & a family to support…
Click the link below to read the entire article.
Six misconceptions about life insurance
You don’t need insurance if you don’t have dependents
Life insurance is set & forget
Naming your child as a beneficiary is a good option
You don’t need insurance because you have paid off your debts
You’ve got life insurance through your super
You only need to insure yourself if you are the breadwinner
Click the link below to find out the answers to these misconceptions
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