It's never too early to do something about insurance

When life is going smoothly, we tend not to think about insurance.  And, when we do, we usually think about it in terms of its expense or perceived complexity. Often, people end up putting this issue of insurance in the “too hard” basket.

But this is risky!  As far too many people have discovered, the cost of not being insured can result in major financial setbacks. Over the next few months, we will provide an explanation of the types of insurance available, the purpose of each key type and how to manage your policies and any claims you may need to make.

Insurance is not really an expense:  it is a form of saving.  Insurance allows people to save for unpredictable life events in an efficient way, providing a safety net for when we need it most. 

Insurance is a way to manage risk. As you go through your life, there’s always a chance that you’ll be in a car accident, twist your knee, or that your home will burn down. The risk of these accidents is small, but if one of them were to happen, the effects could be catastrophic. Without insurance, you’d have to come up with the money on your own to repair your car, have knee surgery, or rebuild your home.

Most people buy insurance for four main reasons:

  • High value:  To protect something they have purchased that has a high value (such as a house, a car or perhaps jewellery or a painting) and which would be expensive to replace. Often a loan has been taken out to purchase the items
  • Catastrophe: To protect their property and possessions against a disaster, such as a fire, flood, cyclone or other calamity
  • A specific event:  To protect them when they are doing something not covered by their normal insurance policies, such as travelling overseas
  • Liability:  To provide financial protection if sued – for example, if a visitor should sue you for negligence after injuring themselves on your property

It is an unnecessary risk to gamble away your future when insurance can provide easy cover.  Considering and addressing your insurance needs is an important part of your overall financial planning strategy.

To find out more, contact one of our friendly advisers who are ready to answer any of your queries. We’re here to assist you in securing your financial future.

Why not schedule a meeting with your financial adviser now?

Disclaimer

Information current as at 11 February 2016 - This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. You should read the Product Disclosure Statement (PDS) before making a decision about a product