Why is personal insurance important?

 In Business, Education, Health, Insurance, Lifestyle

You are protecting yourself, your family and your future

You have spent your time working, saving, possibly purchasing a home and sending your kids to school. As a result, you have reached a standard of living that you and your family will expect to carry on. Insuring your income and yourself against any unforeseen circumstances that may put pressure on your standard of living is a key reason to have insurance as a part of your financial strategy.

Less financial stress during difficult times

There are numerous uncertainties in life today. Many of them we can prepare for (drive safely, eat correctly etc) however the reality is that none of us can foresee the future. The emotional and financial stress on individuals and their families in the event of illness, injury or permanent disability, even death – can have a significant impact. Although the emotional stress will take time, if you have insured yourself against these types of events, the financial stress will be reduced (possibly removed), and you can focus on the next stage of your lives.

Financial safeguard

Your financial position today is based on your current ability to earn an income and to also continually do so well into the future. Sometimes an unplanned event will occur and this income may stop or be reduced. Having insurance will provide an opportunity for you to reduce that financial strain on an interruption to your income (whether it be temporary or permanent) and for you and/or your family to continue your lives.

Peace of mind

It is often said that the best insurance to have is the insurance you never have to claim against. The stress of not knowing what would happen to your family and their financial future can be a burden. Having insurance in place can provide you with the peace of mind to know that you and your loved ones are protected in the event of an unforeseen circumstance.

Leaving your loved ones a benefit

Your children will have grown up with a certain standard of living. An insurance policy that provides a lump sum in the event of death, disability or trauma can ensure the financial future of your children and protect their standard of living.

The importance of reviews

Many things change as we go through life, marriage, children, purchasing a home, changing jobs and maybe investing some money for the future are all examples of some of these changes. The insurance you have at any one point in time, needs to be reviewed to ensure it reflects your current circumstances. Many Australians are either overinsured or underinsured because they haven’t reviewed their insurances. Your life and your lifestyle are very important and you want to take care of yourself and those you love when you need it the most.

Oak Financial can assist you

Our team can assist you with all of your personal insurance needs. Providing a comprehensive analysis of your personal situation and recommending the appropriate insurances to ensure you and your family have the peace of mind to continue enjoying your desired lifestyle.

If you have not reviewed your insurances in the last 12 months and your circumstances have changed, I urge you to speak to your Financial Planner today.

Written by David Verlander, General Manager at Oak Financial Planning. 

With over 20 years financial services experience, David’s oversees his team of Financial Planners with the vision to ensure all Oak FP clients receive the best financial advice available.

David’s qualifications are in Management, Financial Markets and Financial Advice. David is a Senior Associate Member of FINSIA and a Certified Practising Manager Member of the Australian Institute of Management (AIM).

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