Monday, March 14, 2016

Life is a game of Russian roulette

How many times have you been watching the News and heard of a family whose house has burnt down and they didn't have insurance?  Did you shake your head in disbelief?  They have nothing now.  Not even a toothbrush.  How could you not have insured your possessions?  Your house?  "Not me", I hear you say.  "I'm a responsible adult.  My car, house and contents, they're all insured.  I've got this."  But have you?

Lesson 4: Insure your wealth

This is the next lesson from the Richest Man in Babylon, insure your wealth.  And do you know what your greatest source of wealth is?  It's you, my friend.  If you are earning an average of $70,000 pa over a 40 year working life, that's $2.8 million (not accounting for inflation).  That's a lot of money.  So, if you're willing to insure a $40,000 depreciating asset (your car), perhaps you should also consider insuring a multi-million dollar, appreciating asset (your income).

Other things to consider are Life cover, which will provide a lump sum if you die or are terminally ill, Total and Permanent Disablement cover, which provides a lump sum if you are totally and permanently disabled and can no longer work, and Trauma cover, which provides a lump sum if you are diagnosed with a specific illness.  Each of these cover a slightly different area and work together to protect your current position.  Risk mitigation is just as important as building your wealth.  There is nothing more distressing than seeing a family liquidate their hard earned assets, and try to start again, all for the sake of a simple life insurance policy.  You don't believe me?  Give me a call, I have all of the horror stories and I'm more than happy to share.

Life is a game of Russian roulette; we can't stop bad things from happening, but we can limit the financial consequences by being prepared.  Insurance buys your family the time it needs to recover.  Give your family financial security, review what you have, because it's probably not enough.

By Erin Wright B.Int Bus Dip. FS(FP), Accredited Aged Care Specialist
Find Erin at Achieveit Financial Planning or call for an appointment on 07 4638 5011


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