It is so vitally important that you take out insurance to protect those assets you work so hard to attain.

Obviously home and contents insurance is extremely important. However many people over look their biggest asset of all, their own earning potential. Lots of people have cars worth a mere $10,000 insured, but fail to insure their income which is worth say $50,000 per year for the next 25 years.

 

Temporary / Permanent Disablement insurance is very important for the same reasons, as your earning capacity would be decimated and your expenses could be significantly higher if you where to be disabled.

 

For young people with dependent children and debt Life Insurance is also a must have item. If you where killed today, how much hardship would that impose on your family. You should have at least enough Life insurance to clear all debts and supply 5 years income. Ensure any Life insurance pays for funeral and other expenses without eroding the lump sum your family will receive.

 

Start Young

The premiums are cheaper for younger people as the risk of them dying is significantly lower. However, from your prospective the policy has significantly more worth when you are young, as if you died at age 25 you could be leaving dependents without and income earner for up to 40 years.

 

Insurance is highly variable and each persons needs are very different. Our recommendation is to seek expert insurance advice in relation to those polices mentioned above. Please don't underestimate the value of you to your dependents and loved ones.

 

Hot Tip!

Consider paying for your Life or TPD insurance out of your super or 401K. Its paid for in pretax or lower tax dollars. Seek advice on this matter.

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Disclaimer - this information is general in nature and does not take into account your individual circumstance. You should always seek professional independent advice prior to acting on this information or making any decisions based on this information.