Like it or hate it, insurances are a necessary part of life. Given the risks involved when owning a house, driving a car, playing sport or running a business, insurance is the mechanism for protecting your financial interests against loss or damage. Just as people insure their material possessions, there is nothing more valuable than life itself and the income needed to live life.
When assessing the level of cover required, consideration must be given to such factors as (this list is not exhaustive):
• Level of income
• Income needs and desired lifestyle
• Large expenses – private school fees
• Other ongoing childcare costs
• Investment Assets
• Debts – mortgages, credit cards, etc
• Cost of refitting a house to accommodate a wheelchair
The ASIC Money Smart website has a great Life Insurance Needs Calculator .
What to do now?
Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686).