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$200,000 or $300,000 is generally not enough life insurance. Unfortunately, many Australian’s are underinsured, not insured at all or letting their life insurance policies lapse. If this is you and something were to happen to you – how would life be? Mortgage payments, education for the kids, daily living expenses all have to be met – without the benefit of your weekly pay packet.
The only option is to rely on welfare. Could you? Really? On those tiny welfare payments? What effect would this have on your quality of life, your stress levels and your relationships?
The cost of life cover varies greatly. Many customers who let their policy lapse blame affordability. Before you let your policy lapse, work out some worse case scenarios. How would you and your dependants survive financially?
Scary isn’t it – especially if you failed to include some unexpected expenses such as funeral, modifications to your house [you may need wheelchair ramps] plus meeting other debts.
We recommend everyone reading this newsletter take the time to renew your existing life insurance arrangements – or if in any area of doubt, speak with our Wealth Creation Expert – Mark. To help you plan for your contact with Mark, here’s a brief outline of some options available:
- Life Cover: We know, it’s not a particularity pleasant title, however, death happens. If you have death cover, your beneficiary receives the nominated lump sum on this policy.
- Total permanent and disability insurance: You receive a lump sum if you are injured or disabled
- Trauma Insurance: Another pleasant title, however it does describe the benefit and that is, if you are diagnosed with a life threatening illness or injury – a lump sum is paid.
- Income protection: If you are sick and cannot work, you are covered for a percentage of your weekly salary.
So there’s a few options however, the process can be easy and painless to implement. Don’t forget to have a chat with Mark today – your family will thank you!