Many people readily recognise the need to insure their cars and homes, but neglect to insure their most valuable asset – their lives. As a general rule of thumb, one should insure to protect against the big risks, such as death, trauma (cancer, heart attack etc), temporary or permanent accidents and illness. These big risks could devastate your finances and lifestyle.

It is important not only to insure the major income earner, but to also insure a non-income earning partner, especially where they contribute to child care, home maintenance and so on. In the event of their death or disability , the cost of hiring professionals to provide these services could be considerable. It could also be very expensive to provide care for your partner should they be permanently disabled.

The risks are real, and every working Australian has a 1 in 3 chance of becoming disabled for more than 3 months before turning age 65 and more than half of all serious accidents happen outside of work, so workers compensation does not apply. (Institute of Actuaries of Australia (2000). Interim Report of the Disability Committee. IAAust:Sydney).

It is important to consider a contingency plan or fall-back if one of these unfortunate events happens. A contingency to ensure you can continue to meet your planning goals and provide surety for you and your family’s financial future. Possible risk insurance requirements include:-

• Term Life Insurance
• Total and permanent disability cover
• Income Protection
• Trauma Insurance
• Key Person Insurance
• Business Expenses Insurance

Portfolio Managers are skilled in evaluating your risk protection circumstances and assessing what is the most suitable solution in order to protect your wealth accumulation plans, lifestyle, family and business in the event of unforseen circumstances which would otherwise compromise your financial goals and security.

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