While it is more than likely that you do have some insurance cover in your mortgage and your superannuation fund, what you need to understand is that these are basic, generic levels of cover and more often than not, they are nowhere near adequate enough…
… But you don’t find that out until you’ve been through some pretty annoying red tape. I’m not pointing fingers – it’s just the way it is with many of these policies. They are a sort of ‘one-size-fits all’ deal and it’s entirely possible that there will be a tiny clause in the fine print that you weren’t even aware of, which could make your claim invalid or make your actual pay out different from the one you were expecting.
The solution then, is entirely in your hands. I’m a passionate advocate for independent insurance (this is different from the mandatory insurance component within your mortgage or super) because it will be tailored for you and when the doo-doo hits the fan, you’ll know you’re covered across a number of fronts. However, remember it’s not just enough to have insurance cover, it needs to be right for you, because if you end up with an illness that affects your earning potential, racks up hefty medical expenses and you’re not adequately insured, then you might be better off dead. Especially if you have death cover.
I don’t mean to make light of it. This is a serious subject, but I think (and this is not advice, it’s my personal opinion) one of the best things you can do for yourself and your family, is look into Trauma Cover. Trauma Insurance will keep your life on track when you can’t, and that’s why it’s a great addition to your other policies. As your life changes, so do the commitments you make – both to the people you love and the stuff you need and your insurance cover needs to keep up.
Keen to find out more? Give us a call on 02 9518 5728 and arrange to meet face to face with one of our team and remember, there is no cost to you by working with us.