She’ll Be Right.. Till It’s Not
Most people look at financial planning as a way of achieving their retirement goals. No one gives a thought about life-changing events that can happen in between. My clients reach their financial goals because of their determination, hard work, and smart decisions.
Being financially successful sometimes means being lucky, even though most people won’t agree with that concept. But think about it this way, no one is immune to health issues. Anything can happen that would affect your earning power and the financial wellbeing of your family. So, financial planning Newcastle shouldn’t be an afterthought.
Most Australians underappreciated the value of life and disability insurance, yet it's crucial when things go south. Something has to change with financial planning Newcastle.
The Facts
1. The average level of current covers meets less than 30% of the Total and Permanent Disablement of needs.
2. The underinsurance gap is much greater for parents of young kids
3. These underinsurance gaps keep getting bigger
4. Less than half of people living in Australia have enough life insurance cover to provide the same living standard for their loved ones if they pass
5. 35% of employed Australians don’t have any disability insurance
But There Is The Government Disability Support Pension, Right? It'll look after me.
If you are receiving disability payments from the government, it's probably less than $ 500 a week if you are over 21. If you do your calculations, you will realise early retirement is virtually an impossible dream. You need air-tight financial planning Newcastle that can get you through hard times.
The Australian social security system can provide relief to families who lost their main source of income. They also help those who can no longer work to their full capacity. But the relief only helps to an extent and might not even sustain your living standard.
On the other hand, life and death insurance provides the household with meaningful payments that help mitigate the impact of life-changing events. It's a better financial security that gives you peace of mind. You know your family will be okay in case anything happens. The benefits are tangible.
So Why Do People Not Have Enough Cover?
There are a lot of misconceptions about financial planning Newcastle, especially when it comes to life and disability insurance. The lack of education, negative publicity, and misunderstanding is dragging so many people back.
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