Personal Insurance

Considering the multiple roles you will play in your lifetime, what would happen if you were no longer able to perform them? Ask yourself:

  • How would it affect your family (or your business)?
  • How would it affect your financial position?

Financial protection is just as important for women as it is for men because:

  • Women make up 46% of the Australian workforce
  • Many families depend heavily on both incomes
  • Women generally live longer than men
  • Even if you are not in paid employment, consider how much it would cost to pay someone to do everything you do in managing the home and family
  • 1 in 4 women will be diagnosed with a malignant cancer before the age of 75
  • Working Australians have a 1 in 3 chance of becoming disabled for more than 3 months before they retire

An injury or illness could de-rail any well-laid financial plan.

The majority of people who own a car or home would not consider not insuring these major assets. In fact, you cannot register a car without CTP (Green Slip) insurance. The impact of being involved in a car accident could have devastating effects not only in terms of injuries but also cost of medical bills, rehabilitation and lost earnings. Not to mention added costs such as hiring a cleaner, nanny/ child minder, carer, etc. while you are unable to perform your duties. The same would apply if you were hit with an illness or required surgery.

A comprehensive financial protection plan includes the following:

  • Life insurance
  • Total & Permanent Disablement insurance (TPD)
  • Income Protection
  • Trauma/Critical Illness
  • Business expenses (for business owners)

The above insurance covers are meant to complement each other and each has a different role to play.

Free Insurance Assessment

If you require help in determining the best insurance cover for you, or you would like to compare your current policies, contact Prudentia Financial Planning today for a free insurance assessment.

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

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