Your income - are you protecting what means most?

Without a doubt one of the main goals most clients have when addressing their finances is to ensure they, or their family, are able to maintain their standard of living in the event of illness, injury or death.

Please enter an image description.Without a doubt one of the main goals most clients have when addressing their finances is to ensure they, or their family, are able to maintain their standard of living in the event of illness, injury or death.

Most people like to think that it won’t happen to them, but the statistics don’t lie. Of the working population in Australia, one in six men and one in four women are expected to suffer a disability from the age of 35 – 65 that causes a loss of six months or more from work (Institute of Actuaries).

Ask yourself this simple question – if you weren’t able to work tomorrow would you / your family be able to continue to: have a roof over your head, put food on the table and pay the bills (electricity, water, car, education, beer money, holidays …the list goes on).

There is a good chance that if you haven’t addressed your personal insurance needs recently the answer will be no. This is not a satisfactory answer if you are genuine about protecting the ones you love.

In blunt terms you run the risk of you or your family being financially ruined if you don’t address your personal insurances.

An interesting fact to leave you on: a 35 year old earning $80,000 pa and retiring at 65 will earn a further $5,315,108 in income over their working life (assumes a salary increase of 5% p.a. including inflation). That income is what will allow most people and their families to live their life comfortably. Surely that’s worth protecting.

Did you know that you can fund most of these insurances via superannuation?  If you would like to consider addressing these issues please complete the form below and I will be in contact.

It’s time to vote!

In the comments section of this article, tell us which of the below is your most valuable asset:

1. House

2. Car

3. Ability to earn an income

When you have answered the question above, then ask yourself which of the assets have you ensured are adequately protected?

 

This article was written by   Andrew George. Andrew is an Authorised Representative from Charter Financial Planning. He has over five years experience in the financial services industry and can work one-on-one with you to help you become smarter with your finances. Any feedback directed to Andrew can be sent to life@miningpeople.com.au.

Disclaimer: The views and opinions of authors expressed do not necessarily state or reflect those of Mining People International.