There is a growing trend of under-insurance within Australia and recent statistics reveal the financial hardship families experience when a tragedy occurs.
- 63% of respondents had less than a week warning prior to the event *
- 43% only knew of the death after it happened *
- Almost 1 in 4 children had to move schools within 2 years of a death in the family due to financial pressure *
- 64% of deaths were the family’s main or equal financial provider
- In the two years after the loss
- 32% moved house as a result of financial pressure *
- 56% went on few family outings *
- 78% of those who did not have insurance agreed that in hindsight it would have helped if their parent/partner had life insurance *
* Source material
- Picking Up the Pieces – Understanding the impact of parental death on children
- Understanding the social and economic cost of underinsurance
Insurance is important for many reasons and becomes even more paramount for those married and or with children. Protecting your loved ones from financial hardship should be an integral part of your financial plan. Concept Wealth Solutions can assist you to accurately assess your circumstances, calculate the appropriate level of insurance cover for you and your family and help you decide on the best protection.
- Life Cover
- Income Protection
- Trauma Cover
- Total and Permanent Disablement Cover
Whilst the prospect of illness, disability or death is unthinkable, being unprepared for the unexpected is even worse. Ensure your strategy reflects your circumstances and will provide for those closest to you.
Concept Wealth Solutions can help you with your insurance needs and the most tax effective way of paying your premiums. With the right insurance cover, you can avoid the need to draw on your investments should you suffer a serious accident or illness and to ensure your loved ones and dependants are cared for under the most unfortunate of circumstances.
As a Concept Wealth Solutions client, you’re guaranteed that our advice on all risk – business, death, permanent and total disablement, trauma and income protection insurance cover – is thorough. We can get quotes for you on term, disability and income protection insurance from all Australia’s major life offices.
We can also show you how to get your super fund to possibly pay for a lot of the insurance cover, thus saving your valuable after tax cash.