Protecting what’s important to you …
Many people look at insurance as a necessary evil – after all the best insurance policy is the one that never needs to be used. Many others don’t subscribe to insurance and instead subscribe to that misplaced aussie trait of “she’ll be right mate, it won’t happen to me”.
What this blog will attempt to do is provide information that reinforces the value of appropriate wealth protection solutions in protecting what is important for you.
Think about the title of the blog for a moment … the key message I take from this (after I take of my advisers blinkered sight) is what is important to you.
Determining “what’s important to you“ is a values based exploration that you (personally, either individually or collectively with your significant others) need to undertake before any appropriate solution can be developed. Traditionally the insurance product providers had calculators with a myriad of assumptions that could be entered to provide an “appropriate” level of cover. I believe the value based exploration combined with the challenges of your assumptions posed to you by your adviser provide a more appropriate means of constructing a wealth protection solution.
This link: Risk Presentation provides you the opportunity to access slides that I have previously used when workshopping wealth protection solutions in a group situation.
Those who participated found the group process beneficial, it provided them an opportunity to consider their own situation in the context of other peoples experiences and responses to various rhetorical questions. Some of these include:
- What if sickness or injury prevented you from earning your income?
- What if the worst should happen?
- But it won’t happen to me, will it?
- Could you use your savings, if so how would this affect your retirement plans?
Remember personal tragedy need not spell financial disaster for you or the loved ones you leave behind.
If you would like to ask more about this or would like to participate in a facilitated workshop please contact us.
Where to from here?
- Contact us
- Get more information about an Educational Forum for you and your friends
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Dan Smith is self employed and is for many families their trusted Financial Planner based in Rockhampton. He has clients in various locations throughout Australia but predominately in Central Queensland and specifically the geographic area encompassed by the Rockhampton Regional Council.