Not many people would go through life without taking out insurance of some kind. Homes, cars, boats, business, health and even pets are insured. Our most valuable asset, however, isourselves, there is often a lot of misunderstanding around personal insurance. Here are 3 common myths which I here regularly.
Myth 1: Income Protection insurance protects you if you lose your job.
People often ask about income protection insurance in case they lose their jobs. Income protection insurance covers the insured person if they are unable to work due to illness or injury. This cover is for events which are not covered by workers compensation. It does not cover you if you lose, leave or are made redundant form your job.
Myth 2: I can have multiple life insurance policies and claim on all of them.
Having multiple insurance policies does not mean that all of them will be paid. Most of the time, you have a duty of disclosure, where you must disclose when applying for insurance if you have any other policies. You could possibly void part of the new policy to the value of the other policies by not disclosing them.
Myth 3: I only have to tell insurance companies my current problems, not old ones.
Not disclosing all previous medical issues could result in your claim being dismissed. This is possible if the insurer can prove that you have a pre-existing condition, which you have not disclosed. Being healthy at the time of taking out the policy does not mean that you do not have to disclose all previous medical conditions.
For advice on your personal insurances, give Steve May Financial Services a call and start a conversation today.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Futuro Financial Services Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Steve May, Luke Styles and May Wealth Pty Ltd T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Futuro Financial Services Pty Ltd ABN 30 085 870 015, Australian Financial Services Licensee, Licence number 238478. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guide and business/adviser profiles.
May Wealth Pty Ltd ABN 71 612 234 518 trading as Steve May Financial Services is a Corporate Authorised representative of Futuro Financial Services Pty Ltd ABN 30 085 870 015, Australian Financial Services Licensee, Licence number 238478.
Steve May and Luke Styles are Authorised Representative’s of Futuro Financial Services Pty Ltd ABN 30 085 870 015, Australian Financial Services Licensee, Licence number 238478