Our “she’ll be right” attitude as Australians may make us one of the most optimistic nations in the world, but when it comes to protecting ourselves from the financial hardship that can result from accident, sickness or death, it also lets us down. With 95 per cent of our families not having enough insurance cover, many would not be prepared if the unexpected occurs.
Whether you are starting out in the workforce, been there a long time, enjoying a promotion or embarking upon a new career, your job is one of the most important things in your life.
Inevitably, you are thinking about how much you are worth in terms of remuneration, so the logical next step for you to take is to protect your income.
While 83 per cent of Australians insure their cars, only 31 per cent of us insure our income. We simply don’t consider what would happen if we died prematurely or got sick or injured and couldn’t work. As a general rule, most people would not be able to meet existing financial obligations beyond three months if the worst happened. For those of us with debt or dependents, this could be a huge risk to the lifestyle they are used to.
With the new year underway, isn’t it time you started to think about your personal insurances for this year? As you look to consolidate your finances from the last financial year, now is as good a time as any to be considering your life insurance policy. And with one in five Australians being underinsured, it is well worth reviewing your cover.