Most people have insurance for their home, contents and motor vehicle. Insuring these are important to Australians and the statistics show that most people think these are more important than insuring your life or income.
- 70.7% Australians insure their car
- 54.4% insure their contents
- 48.6% have building cover
- 16.1% have life insurance
- 7.1% have income protection insurance
- 2.5% have Trauma insurance
If the main income earner in a family was to pass away, the family may face a situation where they can’t afford to maintain the mortgage or car. If you were to have a heart attack, develop cancer or have stroke you may not be able to make your mortgage or car payments while paying medical bills. Your income is your most valuable asset yet only 7.1% of us insure our income (Count).
Financial loss and hardship is often used to scare people into purchasing life insurance, however the cold hard fact is that you need to consider the financial impact on your loved ones of death, trauma or prolonged sickness.
Of course insuring your home and car is important but it should not be put ahead of yourself as your ability to maintain your lifestyle depends on your income. You have a 1/3 chance of having a major medical event but only a 1/130 chance of needing to claim on our car insurance. The stats above show that 70.7% of us insure the car versus 2.5% establishing a trauma policy. Covering ourselves for an event that is more likely to happen makes sense (Count).
We all want a roof over our head and a flash car, but it is time to put your family’s financial wellbeing first by insuring yourself. So be kind to yourself and investigate your insurance options, go against the tide and insure yourself and family.
