What would happen to your family if your income stopped?
While many people feel personal/family insurance is based on scare mongering, we all know ‘life happens’. Personal and family protection is so important to consider. No-one expects or wants to have to cope with the trauma of, for example, a sudden death, a major accident or chronic illness; but what if? How would your family cope? It’s as though we think “if I don’t think about this, it’ll never happen”.
What else in your life did you think would never happen? Not thinking about or preparing for something is not a strategy; insurance is a strategy. Here’s a quick overview of the four ways you can protect your family and yourself.
4 Major insurance options to protect you and your family:
- Income protection – provides a monthly payment up to 70% of your income if you are temporarily unable to work due to illness or injury. Income protection is essential for everyone.
- Critical Illness – pays a lump sum in the event of a critical illness as listed in the policy (e.g., cancer, stroke etc.,). Australians between the ages of 25- 40yrs are three to five times more likely to suffer a critical illness than die. [1]
- Total Permanent Disability – pays a lump sum if you are unable to work again. This is important for people where they are the sole income earner or work in industries such as construction, drivers, etc where there is a higher risk of something major happening.
- Life- pays a lump sum in the event of your death. Let’s face it, no one ever plans to die – especially when you are young or with a young family. With lump sum insurance your family’s expenses are covered, allowing them time to adjust.
We’ve all heard stories of people who believed they ‘were covered’ only to discover, at the worst possible time… You may have a policy, but how much will it cover you and or your family if anything were to happen? Insurance is the same as most things in life; ‘garbage in, garbage out’.
All insurance is subject to terms; the devil is in the detail which is why you need a skilled professional like Jennings Financial Service to help you purchase the best cover for you and your family.
Jennings Financial Service Personal Protection Services include:
- Personal insurance
- Personal asset protection
- Lifestyle protection strategies
- Estate planning strategies
- Structuring assets appropriately
At Jennings Financial Service we know a family crisis will devastate you personally, but it would be so much worse if you didn’t have the kind of protection that would allow you to manage the situation and take care of your family.
With planning you will have the resources to weather most situations on your terms. For over 27 years, Jennings Financial Services have been helping people like yourself to find the right amount of cover to meet your needs
[1] Based on MLCs claims experiences.
