Even though your financial strategy should be for the long term, there are things you can do each day to help you achieve your goals sooner. Here’s #4:
Insurance may not be something you think about on a daily basis, especially if you’re young and healthy. But the reality is that we never know when life will throw us a curve ball, so it makes sense to have a financial safety net in place. And even if you have personal insurance already, do you have the right levels of cover to take care of all your family’s needs?
For example, research shows that parents with two dependent children need an average of $680,000 in life insurance – but the typical default cover from a super fund is only worth about $200,0001. So if you’re relying on your fund’s default cover, it might not be enough to maintain your family’s lifestyle if you passed away. Or even if you became sick or injured and couldn’t work for a while, would you and your loved ones struggle to make ends meet?
Working out how much cover you need can be complicated, so be sure to ask your financial adviser to guide you. But you can get started today by thinking about this question: If something happened to you, how much money would your loved ones need to be able to pay off your debts, protect their standard of living and prepare for the future?
Matthew Wood, Senior Wealth Advisor and Director, can help you ensure that you and your family are protected!
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1 Rice Warner, 2015. Australia’s persistent life underinsurance gap.
Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.
Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.
This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.