Fact: many Australians are underinsured and unprepared if something goes wrong.
A 2009 report by the Australian Institute of Superannuation Trustees and the Industry Funds Forum found that, on average, its members had $189,000 worth of term life insurance when in fact they really needed $413,000 to adequately cover their liabilities and expectations.
A common reason for this is that many people simply rely on the insurance their superannuation company provides.
If this sounds like you, then you should really do something about it… now!
There are simple ways of determining how much cover you and your family actually need in the event of tragic event. You can even do a simple calculation yourself: how much will it take to clear my debts; how much will I need for medical or funeral expenses; how much will I need to put aside for children’s education; how much will my spouse need to look after the family etc? A MyState Financial Planner can help you work through this process as well as explain the range of insurance products available to you such as income protection, death and permanent disability.
You should never be too embarrassed or intimidated to talk about insurance and get your affairs in order, because it will be too late when you’re gone. You should also never feel like you’re alone when talking about these matters. Have a no-nonsense and sympathetic discussion with a MyState Financial Planner today.