Vital Career Protection for Professionals
Insurance is vital career protection for professionals.
Success as a white collar professional is often built on years of education and hard work. Once you’ve made it, there’s probably a temptation to feel like you have set yourself up for life.
There is no doubt a healthy income is a big help when it comes to building a comfortable lifestyle for your family. The challenge can be sustaining this income, and this lifestyle, if you suffer a serious illness or injury.
Serious illnesses and accidents can happen to anyone, at any time. It could happen walking down the street, it could happen milking a cow, if all of a sudden you stop and look out your window it could be happening … right now. (Apologies to an old VB Beer TV advert that had wormed it’s way into my mind while drafting this post).
While survival rates for many of the most common illnesses are improving, such an experience could easily compromise your ability to work – both in the short term while you recover, and in the long term while you make the lifestyle adjustments you need to stay healthy.
For families with large incomes, and large mortgages, this can have a dramatic impact on your quality of life. That’s why life insurance is such a valuable back up to have.
Life insurance encompasses a number of different types of insurance covers including life cover, income protection cover, total and permanent disability cover (TPD), and trauma (or critical illness) cover.
To better understand the concept of life insurance follow the link below to our website and then left click on “Understanding Insurance” – http://www.plan2prosper.com.au/benefits/understanding-series
With so many different types of life insurance available it’s important to discuss your needs with someone who has more than a basic understanding of the topic. Determining an appropriate insurance solution or an acceptable compromise can be very complex. A client commented to me it was a bit like an onion … at face value it’s just an onion, but the simple onion has many layers which can be peeled back, sliced, diced, cubed, filed, and cried over depending on preferences.
Insurance is also not a set and forget purchase. Each year at the anniversary of your policy you should take a few moments to review any changes in your own personal situation and also in the product environment available to you. The few moments taken reviewing your policy with the assistance of your Financial Adviser will help ensure you and your family won’t be left financially exposed should the unexpected occur.
Where to from here?
If you would like to discuss the topics raised or if you would like more information, speak to your financial adviser or contact Dan Smith of Plan 2 Prosper on 07 49265 570.
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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.
This information is intended to only provide you with general information and, while the sources for the material are considered reliable, no responsibility is accepted for any inaccuracies, errors or omissions. Before making a decision based on this information, you must consider its appropriateness having regard to your objectives, financial situation and needs. We recommend you obtain professional financial advice specific to your circumstances.
Dan Smith and Dancin Pty Ltd ABN 71 531 338 371 trading as Plan 2 Prosper are Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749 trading as MLC Financial Planning, an Australian Financial Services Licensee, with its Registered Office at 105 – 153 Miller St, North Sydney NSW 2060