Protecting What Matters
-By Nicole Jankovic
Shhh… confession time! I spend money on something that I never, ever use. Quite a bit in fact. Guess what – I hope you do too! I’m talking here about my personal insurance premiums.
As a financial adviser and busy mum, spending money unnecessarily is not something I celebrate. Knowing that my family would still be comfortable to put food on the table with or without me, however, is something that I rejoice in.
In my years working with Townsville families, I’ve been witness to some “thank goodness” moments when it comes to insurance claims. From a widow being able to pay out the mortgage and keep her children at their favourite school to some very young individuals, unable to work due to trauma, but able to pay for their needs for the rest of their lives despite their health issues.
Ultimately, the reason for holding adequate personal insurances is this; it makes the worst times of your life a little easier to bear.
Try the following quiz for yourself:
If I didn’t make it home today, how would my loved ones pay for my funeral? My debts? Their accommodation? Their education?
If I woke up tomorrow unable to care for myself, who would care for me? How would I pay for my bills? Could I stay living in my house?
If my weekend bike ride didn’t go so well, ultimately requiring six months recovery post-surgery, how would I manage to work? Do I have enough leave accrued? Do I have another source of income?
The cancer is treatable, but I need to travel closer to care for treatment. Do I have enough savings to allow that to happen? Will I have to get a loan?
Take a moment to consider the financial impact to you or your family if you suffered a health event today. No one is immune to accidents and in most other areas of our lives, we do what we can to avoid the impact. Seatbelts are worn in cars – not to stop the accident but to prevent the damage caused. Similarly, good personal insurance won’t stop the bills coming in, but they certainly can help pay for them.
Not sure where to start? Consider professional financial advice such as the service of Financial Advice Matters so that you can achieve the cover you need for the cost you can afford.