It can seem like a daunting task when you begin the process of putting a proper insurance protection strategy in place for your family. With information coming from so many different sources about personal insurance – the TV, super funds, your well-meaning friends and family - it can be confusing to know where to start and what information you should listen to.
Research shows that 60% of families with dependent children may not have enough insurance to cover household expenses for a year if the family breadwinner were to die (www.lifewise.org). There is also a perception that either workers compensation or government disability benefits will look after the family in the event a family member is unable to work due to injury or illness. Yet with the minimum Centrelink fortnightly benefit at $475.90 for couples, and workers compensation only paying for workplace injuries, would either of these options protect your family’s lifestyle?
When you engage with a professional Risk Insurance Adviser their main goal is to work with you and your family to make a plan that looks after your individual needs now, and into the future. The role of an adviser is to navigate through the difficult conversations we should all be having with our loved ones, getting us to discuss the real concerns many Australians face. Situations such as the death of a partner, loss of income due to illness or injury, or even the heartbreaking financial decisions that need to be made when a child experiences a serious illness.
As confronting and difficult as these conversations are to have with the ones we love – having these important discussions now will help you prepare for the unknown. Making timely and well thought out decisions can help to ease the financial burden on the family so that everyone can focus on recovery.
The value of seeking out good advice becomes apparent at claim time. Providing advice that ensures the whole family is protected should your circumstances change for the worse is the fundamental purpose of a Risk Adviser. Having a well-rounded strategy in place could mean the difference between having a choice about whether or not to return to work while receiving critical medical treatment. It could also ensure children are adequately covered so that both parents have the option to be there if their child suffers a serious illness or injury, without having to take unpaid leave.
Along with helping you set the right protection strategy in place to suit your family and budget, your adviser is also there at claim time. They use their professional knowledge of the claims process and the relationships they have built with insurers to ensure that you have all the help you need to navigate the claims process.
Your adviser is in the business of helping families prepare for the ‘what if’ situations. They are there to help families make the important decisions before anything happens. By working with a professional adviser, you can change the financial future of your family, and instead of crossing your fingers and hoping for the best, you will be prepared for the unknown and have peace of mind that you are financially ready for the curve balls that can be thrown your way.
For assistance implementing your family’s personal protection plan, contact one of our Specialist Risk Advisers.