Protecting your Most Valuable Asset

What is your most valuable asset? Is it your house? Is it your car? Maybe it is your superannuation balance?

While each of these is important, for most working-age people, their most valuable asset is their ability to earn an income.

With the cost of living rising, it is essential to consider if your ability to earn an income is adequately insured. This usually includes a suite of personal insurance that includes: 

·       life insurance,

·       total permanent disability insurance,

·       income protection insurance and/or

·       trauma insurance.

Personal insurance is particularly important for income earners who are at the peak of financial responsibility; when there are young children and a mortgage to pay.  

Business owners also need to be particularly careful with personal insurance as unlike employees, they usually will not have access to Workcover Insurance in the event of a work-related accident.

Most people in their mid-working lives already have some insurance through their superannuation. However, this should be reviewed to ensure the cover is adequate.  

You should ask yourself: “What financial position would I want my family and me to be in if something serious happened yesterday?” The answer then needs to be balanced with affordability.

If you need to set up personal insurance or review your existing cover, it is beneficial to do this at a younger age as you are less likely to have health conditions that could affect the cost of your premium and your ability to obtain coverage. However, insurance is an ongoing consideration and should be reviewed regularly, regardless of what stage you are in your working life.

If you would like your insurance reviewed, please let us know. We can introduce you to professional personal insurance advisors who can help. GTSC does not accept or receive any incentives, inducements or commissions from any such referrals.