It is easy to think ‘it will never happen to me’, but in the event of an unexpected tragedy, it is important to make sure your family will be looked after, and their futures protected.
We often think that we have enough life insurance, perhaps through our employer or superannuation fund, but is this really the case? And what about our savings and investments, what was their original purpose and will they be enough?
Here is an explanation of some insurances that you may need.
What is income protection insurance?
When you’re unable to work, due to a significant injury or illness, it can be challenging to pay your bills or meet your mortgage obligations. The costs associated with recovery from an injury or illness can add up.
Income protection insurance covers up to 75% of your salary when you are temporarily unable to work. It may help protect your lifestyle, and give you some relief around bill payments and your mortgage.
What is landlord’s insurance?
If there was a fire, or a water pipe burst inside your investment property, could you find money for repairs? What if your trusty tenant had to move out while the property was repaired and you lost months of rental income?
Landlord’s insurance can safeguard your investment property against loss of rental income and the financial costs associated with accidental or malicious damage.
What is home building and contents insurance?
If a fire, storm or earthquake damages your property, you could be lumped with a big repair bill. To protect your property and its contents against accidental or unforeseen loss or damage, consider applying for home building and contents insurance.
Building insurance covers your home’s permanent fixtures against events such as fire, storms and earthquakes. It also covers property fixtures like swimming pools and garages. If you have a mortgage you probably already have building insurance (as it’s compulsory), but it’s good to double-check.
Contents insurance protects your possessions against unexpected loss or damage – items like furniture, AV, clothing, computers, toys and kitchenware.
This article is general in nature. Consult with an insurance professional regarding your circumstances, and conduct research when choosing a policy to suit your needs. Contact us if you require a referral to an insurance specialist.