Insurance advice

Knowing when to seek insurance advice

Seeking insurance advice should be on the agenda at every meeting you have with your financial advisor or wealth creation specialist.

Insurance is one of the most sensible investments you will ever make to protect the things you have worked hard to build and achieve. Regularly reviewing insurance policies will ensure that your level of coverage suits your individual circumstances and is a true indication of the worth of the items insured.

So, a regular review is now on the agenda.

However, we also encourage you to seek insurance advice whenever there is a change to your personal or business circumstances.  Changes in any of the following areas should prompt you to review your protection as they can impact the type and amount of insurance cover you need:

Even if nothing in your personal or business circumstances have change, you should still review your insurance strategy every year. Intense competition in the risk insurance marketplace means that insurance providers are always looking for the ‘edge’ with their products.

This can often mean additional benefits, better policy definitions and the introduction of new additional options which can be of value to you if you need to make a claim.

What you should insure?

Insurance is there to protect your most valuable assets when life happens. Assets such as your home and its contents, cars, boats and other recreational assets, any substantial collections you have curated, and any other tangible possession of value should be insured.

If something happens to them, you won’t be out of pocket, so remember to ensure that you insure!

Depending on your circumstances there is a range of insurance options we can help you explore. But there are two essentials that you must insure – your income and your life.

Income Insurance

How would you and your family cope if you suddenly stopped earning a wage? Would you still be able to pay your everyday bills and expenses? Let alone any big holiday or education costs you may be faced with?

What about if you become ill or are injured and unable to work? Not only does this mean you’d be unable to make ends meet day to day, but also the medical and rehabilitation fees that are part and parcel of experiencing an accident.

Income protection insurance pays up to 85 per cent of your pre-tax income for a specified time if you’re unable to work due to partial or total disability.

By taking out this coverage, you can rest easy knowing you and your family can still get by in the case of an accident.

Life insurance

Your most valuable asset of all, your life, is certainly worth protecting. That’s why the right type of life insurance is essential for all. By taking out life insurance, you’re giving your loved one’s peace of mind.

Unfortunately, getting to understand life insurance is often cast aside for more pressing matters. For many, it’s an uncomfortable subject they’d rather ignore. But life insurance is one of those investments that a lot of people don’t see the value in, until it’s too late.

We will ensure you insure!

Collective Financial Partners understands that you work too hard to let illness, injury, or death put your finances in jeopardy. Let our team help you along the insurance journey.