{"id":2395,"date":"2017-11-13T12:05:18","date_gmt":"2017-11-13T01:35:18","guid":{"rendered":"http:\/\/adelaideprivatewealth.com.au\/uncategorised\/do-i-still-need-insurance\/"},"modified":"2017-11-13T12:05:18","modified_gmt":"2017-11-13T01:35:18","slug":"do-i-still-need-insurance","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/do-i-still-need-insurance\/","title":{"rendered":"Do I still need insurance?"},"content":{"rendered":"
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When you have a new mortgage and dependent children, the need for personal insurance is clear. But as the kids become independent and your mortgage shrinks, you might feel that you no longer need the same level of protection. <\/p>\n

Before you cancel all your policies, it\u2019s important to understand why you still need a financial safety net. If you don\u2019t already have the right cover in place – it\u2019s not too late to get the protection you need.<\/p>\n

Here are three good reasons to make sure you have the right cover.<\/p>\n

1. Protecting your future<\/h3>\n

According to a recent report, 77 per cent of Australians aged between 45 and 64 don\u2019t have adequate disability insurance[1]<\/a>. But as we get older, the risk of developing a chronic illness or having a serious injury[2]<\/a> increases.[3]<\/a><\/p>\n

Your future plans can be jeopardised if you need to take a significant amount of time off work – or have to stop work altogether.\u00a0 As well as losing the money you receive in income, you may also end up with high medical and rehabilitation bills.<\/p>\n

Income protection insurance can cover you if you\u2019re off work, with regular payments to help cover your costs for up to the entire benefit period you choose for this insurance.\u00a0 Total and Permanent Disablement cover can pay a lump sum if your injury or illness means you can never work again.<\/p>\n

Even if you\u2019ve retired, the right cover can make sure you don\u2019t have to eat up all your super on medical costs.<\/p>\n

2. Protecting your partner<\/h3>\n

You haven\u2019t worked hard all these years for your loved ones to end up in financial strife if something happened to you. Sadly, that\u2019s exactly what could happen with inadequate life cover.<\/p>\n

With the average age of Australians buying homes on the rise[4]<\/a> and the fact that Australians are having children later, more people need a higher level of insurance for longer. If you\u2019re still in a situation where you\u2019re paying off your mortgage, could your partner cover the payments on their own? And then there\u2019s school fees and other expenses.<\/p>\n

Without you and your income, your loved ones may find themselves in a very different financial situation than you\u2019d hoped to provide for them.<\/p>\n

3. Protecting your legacy<\/h3>\n

If you were relying on your future income to help your children get ahead in life, if you pass away or become unable to work earlier than expected, they could face an uphill battle on their own. Worse, they could be left to pay debts or bills you leave behind, including the cost of your funeral.<\/p>\n

Having the right insurance can mean that, even if the worst happens, your family won\u2019t have to be financially worse off.<\/p>\n

Get help to review your cover<\/h3>\n

As you get older, your insurance needs to change, so it makes sense to review your cover every few years. As your debts reduce and your dependents leave home, you may be able to reduce your cover and save on premiums. Of course, everyone\u2019s situation is different, so make sure you seek professional advice.<\/p>\n

Please contact us on |PHONE| if you would like to discuss.<\/p>\n
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[1]<\/a> KPMG Underinsurance \u2013 Disability Protection Gap in Australia Report 2014<\/a><\/p>\n<\/p><\/div>\n

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[2]<\/a> Australian Government: Australian Institute of Health and Welfare Australia’s health 2014 \u2013 Leading types of ill health<\/a><\/p>\n<\/p><\/div>\n

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[3]<\/a> Australian Government: Australian Institute of Health and Welfare Australia’s health 2014 \u2013 Trends in hospitalisations due to falls by older people, Australia 2013<\/a><\/p>\n<\/p><\/div>\n

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[4]<\/a> ARC Centre of Excellence in Population Aging Research \u2013 Older Australian Fact Sheet 2014<\/a><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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When you have a new mortgage and dependent children, the need for personal insurance is clear. 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