You never know what is going to happen tomorrow. You might be in great shape today, but you can’t take it for granted that everything will be that way forever. That is why you should apply for your insurances when you are as young as possible, before things go wrong. This seems to be in my case about age 40!
The best time to get cover is when you are 18, invincible and able to lock in cheap level premiums for life – tell your adult kids now! Buy them some cover as an Xmas present.
However, assuming you did not have the foresight to get adequate cover for life when you were eighteen, it is never too late to protect yourself and your family.
There are four types of insurance cover available. SIMPLE
The working spouse generally needs a combination of all four. The non working spouse needs the first three. The covers and their suggested (noting this is not advice) uses are;
- Death cover – to repay the mortgage and provide an additional lump sum to invest. This provides and income for life for those left behind.
- Total and Permanent Disability Cover – to repay the mortgage and provide an additional lump sum to invest which provides and income for life for you.
- Critical Illness – provides a tax free lump sum on diagnosis of a critical illness (cancer is the most common claim) which you can use for any purpose.
- Income protection – provides a monthly replacement of up to 75% your salary which should pay to age 65 if you are unable to work for medical reasons.
There are lots of new ways in which we can structure comprehensive insurance cover which both significantly reduces the premiums overall and your out of pocket costs. If you thought cover was too expensive in the past, then it’s time to get in touch for new quotes.
Finally, find out how we don’t accept commissions, but pass the savings on to you via reduced premiums for the life of the policy. No tricks, nothing hidden, just great advice in your genuine best interests.
Lindsay 02 8090 4112