A segment on a popular beakfast TV show caught my eye this morning.
In it, the “money expert” was explaining that Income Protection insurance might not be worth having because it doesn’t provide cover if a person loses their job or are made redundant.
As a financial planner I know this and my clients are aware of this because they have sought my advice when setting up their policies. Just think how expensive a “redundancy insurance” policy would be in this day and age of layoffs and business failures!
Unfortunately many people don’t seek advice when establishing their Income Protection insurance, or any of their personal risk insurance such as Life, TPD and Trauma insurance for that matter. They are happy to purchase off TV promotions or settle with what their super fund provides by default.
It’s not until an event happens that they realise they’re not actually covered for what they thought.
It’s important to obtain qualified financial advice when setting up personal risk insurance of any kind – don’t get an unpleasant surprise come claim time.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
Shanley Financial Planning Pty Ltd trading as Steve May Financial Services (ABN 19 612 825 180) is a Corporate Authorised Representative of (1265706) of Sensibly Pty Ltd (AFSL 533923)
Nick Shanley, Steve May and Luke Styles are Authorised Representatives of Sensibly Pty Ltd (AFSL 533923)