Why you need adequate Life Insurance Cover

One of the advantages of living in a developed nation is that we have universal health care and a social security system that provides basic levels of care for all Australians. Unfortunately our social security system does not extend to providing financial support in the event of long-term illness, accident or death. 

Understanding what level of Life Insurance you need is vital, we have put together a list of things for you to consider when looking at Life Insurance

Do you .

Have debts like a mortgage, credit cards or personal loans secured against assets to third parties.

Have dependants where expenses and debts can be quite large over a number of years. These costs include everyday living expenses and future promises of education or a start in life.

Are you healthy, now is the best time to get non-cancellable contracts for full cover at standard rates. Waiting till later could mean exclusions, loadings or outright refusal because of health issues.

Are you the homemaker, especially if you have children. It costs a lot more than the average weekly wage to employ someone to do all the work and running around you do out of love.

Are you in a relationship and both in paid work. If you need two incomes to support your debt and lifestyle you need to cover that capital cost.

Have children from a previous relationship. Blended families and extra responsibilities create a greater need for protection for those whom you love who may no longer reside with you.

Have aged parents or dependant relatives. Caring for those older or not as fortunate is a big responsibility that takes love, time and money, especially if you are not around.

Have financial responsibilities that need to be taken care of such as burial costs, private loans, income tax, rates or credit card debts.

Are you in a business partnership that has debt, liquidity or equity positions to fulfil should death, disability or long-term injury occur for any of the partners.

Have a favourite charity, club or cause you want to continue supporting. Many people can create immortality for themselves and longevity for their passion in life by gifting pre-ordained funds after they pass away.

Want to make bequests and final gifts to loved ones. A cash fund can be created to give loved, respected, loyal and lifelong friends a simple thank you after you have passed on.

Want to inject liquidity into your estate for succession equality. Some estates are high in non-cashable assets like farms, land, businesses and trusts. Life cover provides an excellent method of liquidity injection.

Serious accidents and unexpected health problems happen every day, ensuring you have adequate insurance in place will help lesson the stress if or when an event occurs.

Blue Chip Wealth Protection can assist you in navigating cover for YOUR unique situation, contact us today for a Free, No Obligation discussion. Contact Us

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