Do you insure your biggest asset?
It’s a sad fact that most Australians are dangerously under-insured. And It may just be high time you reviewed your levels of insurance protection!
Take the example of Matt. He is a clean-living 53-year-old who exercises regularly, doesn’t smoke, enjoys a healthy diet and only indulges his love of good wine at the weekend.
Yet things changed suddenly for Matt last year when he awoke one night to find he couldn’t breathe. His wife called for an ambulance and he was rushed to hospital, where he was taken into life-saving surgery following a heart attack.
After waking from his operation, Matt was in shock. He knew there was a family history of heart disease, but had gone to great lengths to prevent the onset of the illness and had definitely not properly thought through how his family would cope without him.
During recovery, Matt reviewed the insurance component of his super and discovered that in the event of his death his family would receive just $300,000, which would barely pay off the mortgage. He hadn’t taken into account daily living expenses, car loans, and his daughters’ school fees, his wife’s low income or their inadequate savings.
Fortunately for Matt, his story is a positive one. Now in better health and back at work, he has spoken to a financial adviser and taken out additional life insurance, albeit at a significant premium following the heart attack. He and his adviser are looking into critical illness cover, which would pay out a lump sum should he suffer another sudden illness, although he’s likely to now have a coronary exclusion.
Unfortunately, in Australia, Matt’s story is not uncommon. Surveys have shown Australia has much lower levels of insurance than other developed nations including the United States and United Kingdom . The required level of life insurance is now about $680,000, while the typical default cover is around $258,000 – a significant gap .
Make an appointment with your financial adviser to discuss your insurance needs and ensure you are adequately covered, or call the team at Wealth Planning Partners to discuss your needs on 07 5593 0855. They help clients Australia wide with their protection strategies.
As most women already know, there’s lots to juggle all at once. There’s our partner’s needs, the kids, maintaining the home and household, extended family, friends and fitting in the ‘me’ time. And whilst some of this can be outsourced, in practice, it’s not always possible.
Which in turn, raises two major issues in life that need facing: Heath and Wealth. If you’re healthy, efforts can be made to invest wisely. If you’re unwell, here’s hoping you have adequate strategies in place.
And most women deal with stress by smoking and/or drinking. Both of which also cause an increase in likelihood of cancer and organ damage. Drug use is on the rise and it’s also difficult to maintain a great diet when eating on the run or at erratic hours, and reaching for the comfort food or fast food.
Many women over 55 now have higher cholesterol than men and a greater incidence of diabetes mellitus. Women also choose to put off child bearing to a later age, and unfortunately this in turn can lead to increased complications!
Who’d be a working woman??
Or the better question is… how can we reduce some of the stress?? Well, the top tips will come as no surprise, and take a little planning.
1. Ensure the diet is improved – even just increasing the fruit and veg and water intake can help.
2. Quit smoking. You know why!
3. Decrease the amount of alcohol taken. I’m up for a glass of bubbles as much as the next girl, but do ensure there’s a couple of alcohol free days each week.
4. Time Management. Take a look-see at each day and see if there isn’t just a better way of getting things done. Can you delegate some tasks? Rearrange others? Have someone help out with the kids each week. Meal clubs and car pools can work wonders to free up time.
And for your own sake, please consider: Life Insurance, Total & Permanent Disablement Cover, Trauma Protection and Disability Income Cover.
With such hugely active lifestyles now and associated risk factors, it’s vital that working girls have the products to provide an income stream or ability to pay down debts in the event of the unexpected.
Look after yourself! You’re worth it!