Protecting your Assets
We all understand the need for insurance, yet when it comes to ourselves we usually don’t worry, because nothing is going to happen to us!!
What is your most valued Asset?
$40k – $1,909,000
$60k – $2,863,625
$80k – $3,818,167
Note: Assume 5% increase each year for 25 years
When determining if you need income protection, the best question to ask is:
How much of my income can I live without? For most of us, we can’t live without the majority of our income. This is why we must protect it.
What if I die?
As a general rule of thumb, the following basic areas need to be addressed:
- How much of my debt do I wish to cover?
- How much does my partner need to supplement their income if I pass?
- How much do I need to cover for children’s education?
- Funeral costs?
- Other bequests?
What if I become Totally & Permanently Disabled?
- Pay off debt?
- Medical costs?
- Kids’ education?
- Emergency fund?
What is Trauma Cover?
Years ago conditions such as cancer, heart attacks and strokes were conditions of the elderly. Unfortunately we are now seeing more of these cases in younger people.
A recent American survey showed:
- 1 in 2 males will develop cancer of some type. 1 in 4 of these will die from it.
- In females it was, 1 in 3 are at risk of developing cancer. 1 in 5 risk of dying from it.
Source: US National Cancer Institute
Celebrities With Cancer:
- Patrick Swayze (Actor) – pancreatic cancer – age diagnosed – 55
- Farrah Fawcett (Actress) – colorectal cancer – age diagnosed – 59
- Sheryl Crow (Singer/Songwriter) – breast cancer – age diagnosed – 44
- Kylie Minogue (Singer/Songwriter/Actress) – breast cancer – age diagnosed – 36
- Christina Applegate (Actress) – breast cancer – age diagnosed – 36
- Rod Stewart (Singer/Songwriter) – thyroid cancer – age diagnosed – 55
- Olivia Newton John (Singer/Actress) – breast cancer – age diagnosed – 44
- Andy Whitfield (Actor/Model) – non-Hodgkin’s lymphoma – age diagnosed – 37
- Robert De Niro (Actor/Director/Producer) – prostate cancer – age diagnosed – 60
- Steve Jobs (CEO & co Founder of Apple) – pancreatic cancer – age diagnosed – 48
- Lance Armstrong (Professional Road Racing Cyclist) – testicular cancer – age diagnosed – 25
- Fran Drescher (Actress – The Nanny) – uterus cancer – age diagnosed – 42
- Cynthia Nixon (Actress – Sex in the City) – breast cancer – age diagnosed – 40
- Delta Goodrem (Singer/Songwriter/Pianist) – Hodgkin’s lymphoma – age diagnosed – 18
- Lisa Curry-Kenny (Australian Olympic Swimmer) – myocarditis – age diagnosed – 46
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.