Protecting yourself and your family is one of the most important steps in planning your financial future and not enough people realise that their ability to earn an income is their most valuable asset. Losing your income can have an impact as big as losing your home or your car, and a much greater impact than losing your iPad or smartphone.
Personal Insurance is a form of safe guarding your financial security – it’s a way for you to protect your income and your assets if something goes wrong. It replaces your income if you are unable to work due to serious sickness or injury and provides funds to pay for the expenses that don’t stop just because you can’t work.
Regardless of the value of your assets, the amount you earn, your age or your lifestyle choices insurance is important. Everyone’s circumstances are different and your needs change as you progress through different stages of your life and career.
There are many different types of personal insurance including:
- Life Insurance
- Total and Permanent Disability Insurance (TPD)
- Trauma Insurance
- Income Protection Insurance
Despite what you might think, the unexpected can and does happen. While insurance doesn’t remove the risk of something going wrong, it does provide you with a backup, and money is the last thing you want to think about while you’re recovering from a serious illness or injury.
The amount of insurance you need throughout your life changes as your personal circumstances and career change and is affected by:
- how much you earn
- your employment arrangements
- your living costs
- your assets
- your loans and debts
- your family circumstances
The cost of personal insurance reflects the likelihood of an insured event occurring. Some typical elements are your age, the state of your health, your occupation and the type of recreational activities that you participate in.
DPM can help you understand how to reduce the financial impacts of serious illness or injury and the steps you need to take to build a plan that matches your personal circumstances and changing needs.
*The information contained in this site is general and is not intended to serve as advice. DPM recommends you obtain advice concerning specific matters before making a decision.