Insurance coverage has been getting plenty of air play and column inches over the past week or two, mainly due to the Hayne royal commission and the poor behaviour from some of the industry participants. Insurance can be as complicated or basic as you wish to make it, depending on your needs, and with that in mind, lets take a timely look at some insurance fundamentals regarding personal insurances.
Personal Insurance Types:
How much insurance cover do you need?
There are many different methods you can use for calculating the amount of life or TPD insurance required. These include;
How much of my income does my Income Protection insurance cover?
Your Income Protection insurance generally cover 75% of your wage to help supplement your income should you be off work for an extended period of time due to injury or sickness. This does not replace Workers Compensation and is generally for injury or illness which happens outside of the workplace or not covered under the Workers Compensation Act.
People have so many insurance policies nowadays which are essential; house, contents, car and health to name a few, but a lot of people fail to insure their biggest asset, the one thing that is most valuable, that’s worth more than their house, contents and cars combined. They fail to insure themselves, however, it is their ability to work, earn money and provide for their family which pays for everything else. Take away your ability to earn money and you could very well lose all of your other insured assets as well.
For details on insurance solutions to suit you and your family, 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