Insurance - Cover Your Risk

 

INCOME PROTECTION (Disability Insurance)

In the case that you are unable to work because of illness or injury, Income Protection insurance is designed to replace the bulk of the income which you need in order to live. As you know… just because you can't work, doesn't mean the bills stop coming, one after the other, after the other. Bills for your home, your family, your business. Sometimes it can seem as if there is no end to them. This seems especially so when there is no money coming in…! 

Whether you need disability cover, and things like, just how much disability cover you need…depends entirely on your individual situation. For example. Based on how much money you have coming into your household each week or month as a regular income investments and sources that do not depend on your physical exertion. For example. If you have five properties, each paying you a generous income each month… You may not need income protection. Then again you might still decide that you would prefer to spend someone else's money instead of your own. That is after all, what insurance is all about. Letting someone else, assume the risks that you face. 

Right now…

…Do you have enough money in the bank Today…
to pay your bills for the next 3-6 months? 

And then...? 

 

LIFE INSURANCE 

From time to time people will say, "I don't need life
insurance". And sometimes its true. But not often.
The fact is, that only you can determine if you, your family, or your business, needs you to have life cover.
Professional advisors can and will assess the risk to
which you and your loved ones are exposed.
Then ultimately it is something that you decide for your reasons. Some of those will be practical;  things like economical protection and to make sure that even if something unexpected happens…it won't be the worst possible thing that might have happened. And some of the reasons you might decide to take out life cover will be just silly reasons, things you might not even be able to put your finger on … 
...but it will feel like the right thing to do.

For you see, things like peace of mind, and
being able to sleep at night because you know
that no matter what - everything will be taken
care of, makes a whole lot of sense to some people.

The whole point of risk management, is about
determining your current position and addressing
the "What If" issues that can happen to us all.
Each individual will have a totally different situation
from every other person, depending on their relative
financial positions and family make up. As well as
their different priorities of what is important in life.

This is true for individuals and families, but equally as
important when considering your business.
The needs of the family and the needs of the business
will be quite separate and distinct in many cases.

If you can answer Yes to these questions, you may not need insurance right now… 

Consider:

  This is real. This is now.  This is you.

 

 TRAUMA INSURANCE

Trauma insurance, sometimes called critical illness insurance, was born out of a need reflected by people who were saved from their life threatening illnesses, by new advances in medical technology. The "operation was a success" but the patient's financial situation was dead. 

For the people who find themselves suddenly on the Other side of a life threatening illness, it is a sobering thought to consider the financial implications that the recovering person faces. After you go through such a traumatic event, certain things become more important to us. Sometimes we need a good amount of time to get back on our feet and really reassess the things that we want in our life. The utilisation of trauma insurance allows you to take the time you need to fully recover, without the need to worry about returning to work, because you can't afford not to. 

The truth is… that even with a good recovery, returning to work might be neither possible…nor desirable. Maybe not now... Maybe not ever. But the important thing, is that you retain the choice, to do what is best for you. At such a stressful time, that may be the greatest good you can do for yourself in your recovery.

When we looked at the questions about Life insurance…we thought about the things that your family needs if you are suddenly taken out of the picture. There is really only two additional things that you might consider here, and they build on the answers you gave. The additional questions you need to think about now are:

Would you want to be able to assure the same things for you?

Would you want to be able to assure the same things…even as you remain very much in the picture?