- September 15, 2014
- Posted by: admin
- Category: Finance News, Financial goals, Wealth
Risk is a necessary part of life, whether it’s as simple as trying a new breakfast cereal or as complex as investing in property. It’s how we manage these risks that can determine our future – wealth, happiness and lifestyle.
Taking out risk insurance to protect your income, your debts and your family is an important part of managing your exposure to risk. It’s impossible to know whether your situation will change in the future but risk insurance prepares you for “what if” scenarios. What if you are injured and can no longer work? What if your family is left without you and they are unable to make ends meet?
Without risk insurance the financial implications are huge if you become ill, injured, or die. Why jeopardise the wealth you have created through property investment by taking unnecessary financial risk?
Let’s take a look at what risk insurance options are available to you and what cover they provide. Contact us for assistance with choosing the right insurance for your situation.
Income Protection: This pays you a regular income stream in the event that you are unable to work for a period of time due to illness or injury. It enables you to continue meeting your living expenses and home loan repayments without having to sell down some of your assets to meet expenses.
Mortgage Protection: Your mortgage is taken care of upon your death or should you become disabled.
Life Insurance: Your family is looked after financially if you’re no longer there to provide for them – it can help take care of debts and ongoing expenses, as well as provide funds that can be invested to generate an ongoing income.
Total and Permanent Disability: Similar to life insurance but also covers medical expenses in the event you suffer a permanent disability.
Critical Illness: Also known as trauma cover, this insurance pays out in the event that you suffer a specific illness such as heart attack, cancer or stroke.