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Why You Need Life Insurance Now

4 Aug 2013 9:23 AM - Joshua Stega, Financial Adviser Sydney

What is Life Insurance & Do I Need It?

Personal or life insurance is the term used to describe the types of insurance policies you can take over your most important asset, yourself. Personal insurance will give you the peace of mind knowing that you will preserve your way of life, or that of your family, in the event of an accident, serious illness or even death.

If you suffer a serious illness or have an accident that prevents you from working, insurance can provide the money to replace the income you would normally have earned.

If you have a mortgage or other debts, remember that they are not written off when you die. They must be repaid from your estate. As a result, if you have a spouse, a partner or children that depend on your financially, you should ensure that your life insurance cover is sufficient to cover what you owe as well as to provide for your dependants.

Statistics show that:

  • 50,000 Australians have heart attacks every year.
  • More than 43,000 people are expected to die from cancer in 2010.
  • Over 1,600 people die on Australian roads every year, most aged 26 – 59 years.
  • Every 12 minutes, an Australian will suffer a stroke.

Types of Personal Insurance

There are four main types of insurance cover to protect your wealth.


How to Think About Insurance Cover

Sure we all want to be independently wealthy, however it takes time to build wealth.

We also have no idea what may happen tomorrow, therefore when it comes to personal protection insurance we recommend faking it (insure your future) until you make it (are financially secure).

See the chart below:

Insurance Facts You Need to Know

There is a reason why 95% of the Australian population are under-insured. Personal insurances can be confusing. 

This ebook covers some of the following issues:

1.  Even non-income earners need to be insured;

2. Inside or Outside super?

3. Protect your greatest asset; your income;

4.  Different ways of protecting you in case of sickness or injury.

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The Wealth Guy | Joshua Stega Financial Adviser Sydney

Joshua Stega, is head of financial advice at JAS Wealth (privately owned financial planning firm in Sydney). He helps successful individuals manage their wealth. He has a Masters in Taxation & Financial Planning, is a Fellow of the Taxation Institute, a SMSF Specialist Advisor and has significant direct investment experience.    Google+     Twitter     LinkedIn     Facebook     Instagram

M.TaxFP, LLB(Hons), B.Bus(Acc), FTI, Adv.DipFP, DipFP, SMSF Specialist