Many Australians will have been checking off their Christmas “to do” lists over the last few weeks to ensure that the festive season runs as smoothly as possible: buying in food supplies, wrapping and buying Christmas presents, writing and sending Christmas cards, making arrangements for visiting family and friends. But as with all our “to do” lists in life, one of the things we nearly always leave at the bottom of the list is ensuring that our most valuable asset, our income, is protected
As Australians, our “she’ll be right” attitude has led to 95% of our population having inadequate levels of insurance despite the fact that one in five families will be impacted by the death of a parent or serious accident or illness that renders a parent unable to work. Interestingly, Australians are just as worried about burglary as they are about an illness that prevents them from working and yet are three times more likely to have insurance for their home and contents than their income.
More specifically, as Australians jump into their cars to visit family and friends across the country, they are particularly at risk from unexpected motoring events during the Christmas period. Statistics from the Department of Infrastructure and Transport show that between December 18 and January 1 2009, 66 fatalities occurred across Australia.
The likelihood is that should the unexpected happen to you on the roads this Christmas period, your car will be fine, but your income and therefore your ability to protect your family from financial hardship, will not be. Statistics show that while 83 per cent of Australians insure their cars, only 31 per cent insure their income.
So where can you start? Check what existing levels of cover you have in your superannuation fund. Alternatively, contact OneInsure on 1800 146787. OneInsure has experienced insurance advisers available to assist you with working out how much cover is enough.
Various insurance types are worth considering. These include Trauma, Total Permanent Disability and Income Protection. As an employee, basic income protection cover is worth considering as it can provide a regular source of income if, through illness or injury, you are unable to work for a short or long period of time.