Insurance provides financial protection against events that can impact on your financial position. If something unexpected were to happen to a person or their partner, they may not be able to continue earning income, and on top of this they may have to pay substantial medical costs. Add to this their family’s day-to-day living costs and debt repayment and they may find themselves in a very difficult situation. At an already trying time, money is the last thing that anyone should have to worry about.
Unfortunately, many Australians do not have sufficient insurance cover in place to financially protect themselves and their families in the event of death, illness or injury. Failure to adequately cover these risks could result in an inability to maintain their desired lifestyle and meet financial commitments. This is why having sufficient personal insurance cover in place is an important aspect of any financial plan.