Do you ever stop to think ‘what would happen to my family if I’m not around anymore?’. Insurance is commonly overlooked by most as they generally think that they are relatively healthy and don’t believe adverse events will happen to them.
When asked the question, most people have insurance for their motor vehicle or home, but very little have insurances in place in the event that they were to pass away, become totally or permanently disabled, experience a trauma event or become injured and are unable to earn an income over the long term. If you haven’t already, you should consider the following insurance covers:
- Life cover
- Total & Permanent Disablement cover
- Trauma cover
- Income Protection
An important factor to consider when taking out the above covers is how much cover do I need? You should seek advice from a financial planner to ensure you are adequately covered in the occurrence of an adverse event. The issue with having too much insurance is that you’d be paying a higher premium. On the other hand, you don’t want to be under insured to ensure there is no short fall between what you need and how much cover you receive in the event that you claim on your insurances. It can be difficult to get the right balance of how much cover you need, as well as finding the right insurance company to apply with and this is why it’s important to seek advice.
Medical Underwriting – The Facts
Most industry insurance companies promote their insurance covers by advertising that no medical underwriting is required when taking out your insurances – but is this really better? It may seem like a more attractive option, however when going to claim you will need to provide proof that your condition was not pre-existing prior to taking out your insurances. This can make a difficult time even more challenging. For this reason, we believe it is beneficial to complete your underwriting within the application process with a retail insurance company to ensure you know exactly what you’re covered for and should you need to claim on your insurance it will make the process much easier.
A benefit of taking out your insurances through an adviser is that we will complete the application for you and should you ever need to make a claim, we’ll do it for you! Our job is to take away the stress and hassle, we take care of all the paperwork so you can focus on recovering.
If you would like to talk to a financial adviser about insurance, contact our team at Callaghans on 02 6256 6000.