Personal Insurance

We spend all this time and energy concerned about whether we will have enough money to life how we want to, provide for our family, and save a nest egg for our retirement years. We save, invest and accumulate wealth over decades, using our income to put food on the table, buy a car, go on holidays and contribute into our super accounts.

But what if you didn’t have that income for some time, or it stopped entirely unexpectedly due to illness or injury? 

You cannot just rely on sick leave – which can only last for a limited period of time, or Workers Compensation – which is only applicable in limited circumstances.

Australians are living longer ,with medical advancements  ensuring that many of us have an extended prognosis when diagnosed with conditions such as cancer or heart disease. The problem to be considered though, is how long might you have to  live with a disease or disability? How would you provide an income for your family to get on with their lives?

But…what are the odds…

  • You have more than a 60% chance of being disabled for more than one month in your working life (and a 1 in 3 chance of being disabled for more than 3 months
  • 61% of adults are overweight or obese –obesity increases the risk of poor health: heart disease, cancer, diabetes for example
  • If you are male, by the time you reach 75 there is a 1 in 3 chance you will have been diagnosed with cancer at some point. For women there is a 1 in 4 chance.

 Source : Zurich Australia.. What are the odds? Fact Sheet April 2014

It is important to ask yourself…
  • Do you have children or have anyone who is dependent on you?
  • Do you have a mortgage?
  • Do you have any other debts?

If you answered ‘Yes’ to any one of these questions, there’s every chance you need wealth protection or insurance

What is more valuable? Your car, your house or you?

  • ‘79% of Australians have Car Insurance’’
  • ‘74% of Australians have Home & Contents Insurance’’
  • ‘Only about 10% of Australians in the 20-50 age group have Life Insurance outside super – and that’s usually not enough’”
  • ‘Life Insurance held outside superannuation represents only 20% of the cover needed’3
  1. A. C. Nielsen, Trends & Insights, 2006.
  2. IFSA, Cost of Underinsurance Project—Analysis of Life Insurance Needs, 2005.

3 Fast facts: A Nation Exposed’ IFSA August 2005